Japan-based Rating and Investment Information Inc. (R&I) has affirmed the Philippines’ A- investment-grade credit rating and maintained its stable outlook, citing the country’s resilient economic fundamentals and improving fiscal position.

The rating affirmation reinforces investor confidence in the Philippines as the government seeks to attract high-value investments and sustain economic growth.

In its August 2026 rating action, R&I expressed confidence in the country’s continued economic expansion, supported by population growth, infrastructure investment and foreign direct investment.

The agency also cited the Philippines’ strong growth performance relative to other Southeast Asian economies, supported by a diversified industrial base that includes tourism, information technology-business process management and manufacturing, particularly the semiconductor supply chain.

R&I expects economic growth to recover as infrastructure budget execution returns to normal. It viewed recent delays in infrastructure spending as temporary, noting that enhanced safeguards, stricter project planning and stronger monitoring are expected to improve transparency and governance in budget execution and infrastructure projects.

“R&I’s affirmation of the Philippines’ A- rating and Stable outlook recognizes the government’s fiscal consolidation efforts and the strength of our economic reforms. This reinforces confidence, supports access to better financing, and helps attract quality investments that create jobs and expand economic opportunities for Filipinos,” Secretary Frederick Go said.

R&I also recognized the country’s improving fiscal balance and positive debt ratio outlook over the medium term.

The agency assessed the Philippines’ debt level as manageable and expects it to decline over the medium term, alongside a continued narrowing of the National Government fiscal deficit.

It also noted government efforts to strengthen tax revenues through reforms while maintaining priority spending on social services and infrastructure.

On the external front, R&I said the Philippines maintains a manageable position, with foreign exchange reserves remaining sufficient relative to imports and external risks staying limited.

Building on the latest A- rating, the Marcos administration will continue efforts to strengthen revenue mobilization, improve public spending efficiency, manage debt prudently and advance reforms aimed at supporting investment-led and inclusive growth. JASON MAGO