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4 clusters · 18 sources · 10 days · First seen · Last updated

Philippines credit rating and fiscal developments

Overview

The Philippines has maintained its investment-grade credit ratings from Moody’s and Rating and Investment Information, Inc. (R&I). Moody’s affirmed a ‘Baa2’ rating with a stable outlook, citing medium-term growth potential and supportive credit fundamentals. R&I maintained an ‘A-’ rating, noting that while economic expansion slowed in 2025 due to corruption scandals and climate disruptions, the country’s fiscal position is improving with expected growth recovery in 2027.

Following these assessments, Moody’s also affirmed the Baa2 issuer rating for the Power Sector Assets and Liabilities Management Corporation (PSALM). This rating is linked to the Philippine government’s credit assessment, reflecting a high likelihood of state support. To manage its P260.6 billion debt, PSALM has initiated the sale of a portion of its Diliman property in Quezon City to raise at least P11.09 billion.

In August 2026, Moody’s reaffirmed the Philippines’ Baa2 rating with a stable outlook. The Department of Finance stated the rating reflects the nation’s ‘financial resilience,’ bolstered by sufficient foreign-currency reserves and strong access to funding. Moody’s projects the fiscal deficit will narrow from 4.3% of GDP in 2024 to 3.9% in 2026, attributing this to reforms such as the CREATE MORE Act and expanded private sector involvement in renewable energy.

By September 2026, the Japan Credit Rating Agency Ltd. (JCR) also affirmed the Philippines’ A- credit rating with a stable outlook. JCR cited strong economic fundamentals, resilience to external shocks, and ongoing fiscal consolidation. The agency noted high growth potential supported by solid domestic demand, low external debt, and substantial foreign exchange reserves, which reached US$110.8 billion by the end of 2025. JCR expects the economy to recover and return to high growth rates by the second half of 2026. Finance Secretary Frederick Go stated the affirmation reflects a commitment to long-term reforms intended to bolster investor confidence.

Entities

Moody’s Ratings · Philippines · India · Pakistan · S&P Global Ratings

Timeline

  1. 11 days ago

    [BUSINESS] 10 sources
    India receives JCR credit rating upgrade to A-

    JCR upgraded India’s credit rating to ‘A-’ citing strong growth, while the Philippines maintained its ‘A-’ rating. Pakistan successfully issued $3 billion in Eurobonds amid domestic inflation protests.

  2. 16 days ago

    [BUSINESS] 3 sources
    Moody’s and S&P affirm credit ratings for Philippines and India

    Moody’s affirmed the Philippines’ Baa2 investment-grade rating with a stable outlook, while S&P Global Ratings retained India’s ‘BBB/A-2’ rating with a stable outlook, citing long-term growth potential.

  3. 17 days ago

    [BUSINESS] 2 sources
    PSALM receives affirmed Baa2 credit rating and initiates property sale

    Moody’s affirmed PSALM’s Baa2 credit rating with a stable outlook, while the state-run firm seeks to raise P11.09 billion by selling a portion of its Diliman property in Quezon City.

  4. 20 days ago

    [BUSINESS] 6 sources
    Philippines maintains investment-grade credit ratings from Moody’s and R&I

    The Philippines has maintained its investment-grade credit ratings from Moody’s (Baa2) and R&I (A-), with both agencies providing stable outlooks based on long-term growth prospects.

Sources

agniban.com · arynews.tv · bolnews.com · business.inquirer.net · businessnewsthisweek.com · disabledperson.com · dof.gov.ph · edgedavao.net · europesays.com · it-boltwise.de · logisticsnews.ph · netmag.pk · newindianexpress.com · news18.com · news9live.com · pakbanker.com · thephilbiznews.com · tv9hindi.com

This summary has been updated 3 times: see revision history