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Makati City skyline on February 20, 2024. Mark Demayo, ABS-CBN News

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Makati Skyline

Benise Balaoing

RG Cruz

ABS-CBN News

<p><span id="isPasted">MANILA (UPDATE 2) - The Philippines has secured its second &quot;A&quot; credit rating from </span>another Japan-based credit rating agency. </p><p>Rating and Investment Information, Inc. (R&amp;I) upgraded its rating on the Philippines from &quot;BBB+” with a positive outlook last year, to “A-” with a stable outlook, the Bangko Sentral ng Pilipinas said on Wednesday.</p><p>This is the second A-level rating the country has secured after the Japan Credit Rating Agency, Ltd. upgraded the country to “A-” in 2020.</p><p>In its decision to upgrade the rating, R&amp;I cited the Philippines’ macroeconomic stability, high economic growth path, and favorable fiscal outlook, the BSP said.</p><p>“The Philippine economy has been showing fast growth among the major economies in Southeast Asia. As inflation decelerated from its two-year peak in January 2023, the economy has been growing at a pace that surpasses the previous year since early 2024,” the BSP said, quoting R&amp;I.</p><p>The Japan-based debt watcher also cited the country’s robust external position, easing inflation, stable banking sector, sufficient foreign exchange reserves and stable inflows from Overseas Filipino remittances and foreign direct investments, added the BSP. </p><p>Last June, Fitch Ratings affirmed the Philippines’ &#x27;BBB&#x27; investment-grade credit rating and kept its stable outlook. A &#x27;BBB&#x27; rating means a low risk of default and adequate capacity to pay, although some unfavorable economic conditions could constrain this capacity. A &quot;stable&quot; outlook, meanwhile, suggests a low likelihood of a rating change over the next one to two years. </p><div><a href="https://news.abs-cbn.com/business/2024/6/10/fitch-keeps-bbb-rating-stable-outlook-for-ph-942">Fitch keeps &#x27;BBB&#x27; rating, stable outlook for PH</a></div><p>Other major credit rating agencies such as S&amp;P Global Ratings and Moody&#x27;s Ratings have also kept their investment grade rating for the country. </p><p>Budget Secretary Amenah Pangandaman earlier said the country <span>is working towards getting an &#x27;A&#x27; credit rating.</span></p><div><span>Speaking at the Development Budget Coordinating Committee&#x27;s (DBCC) budget hearing, Pangandaman said all government agencies will need to work together to help the Philippines achieve its credit rating goal. </span></div><p>Finance Secretary Ralph Recto meanwhile informed senators about the new A- rating that the Philippines got.</p><p>&quot;Just to inform the plenary the Committee on Appropriations that today we already got an A- credit rating upgrade. Highest ever from Japanese R&amp;I Rating Agency,&quot; Recto said before the DBCC briefing before the panel wrapped up.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/CShOdILO760?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><span>A higher credit rating means the Philippines can borrow externally or from foreign lenders at a lower cost. </span><span>However, the country must grow at 6 to 7 percent every year and reduce the deficit consistently for the next four years in order to get a credit rating upgrade. </span></div><div><span>The DBCC expects the deficit to decline sustainably from 5.6 percent of gross domestic product (GDP) in 2024 to 3.7 percent of GDP in 2028. </span><span>Meanwhile, the debt-to-GDP is expected to fall from 60.6 percent in 2024 to 56.0 percent in 2028.</span></div><p>The national government&#x27;s total outstanding debt reached P15.48 trillion at the end of June, which was higher by P135.9 billion compared to May. According to the Bureau of Treasury, this was due both to increased borrowings from the government as well as the depreciation of the peso against the US dollar. </p><div><span>The Philippine economy expanded 6.3 percent in the second quarter of 2024 amid a construction boom.</span><br/><br/><a href="https://news.abs-cbn.com/business/2024/8/8/philippine-gdp-grows-6-3-percent-in-2nd-quarter-926">Philippine GDP grows 6.3 percent in 2nd quarter amid construction boom</a></div>

<p>The Philippines has secured its second "A" credit rating from another Japan-based credit rating agency.</p>

The Philippines has secured its second "A" credit rating from another Japan-based credit rating agency.

PH gets second 'A' credit rating from Japan agency; eyes upgrade from other major debt watchers

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PH gets second 'A' credit rating from Japan agency; eyes upgrade from other major debt watchers

Benise Balaoing,

RG Cruz,

ABS-CBN News

Published August 14, 2024 02:09 PM PHT

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Updated August 14, 2024 08:59 PM PHT

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