Executive Secretary Ralph Recto welcomed S&P Global Ratings’ reaffirmation of the Philippines’ “BBB+” high investment-grade credit rating with a Positive Outlook, describing it as a strong signal of continued international confidence in the country despite corruption controversies.
“We will make sure that every policy decision strengthens our inclusive growth and long-term economic stability,” Recto said on Thursday.
In its latest review, S&P noted that the Marcos administration’s policy direction has kept the economy resilient and expressed confidence that the flood control scandal—publicly exposed by President Bongbong Marcos in his 2025 SONA—would not hinder long-term growth prospects.
Recto emphasized that the government has been “decisively addressing” the issue by arresting involved individuals and implementing reforms to improve transparency, accountability, and spending efficiency. S&P also cited the administration’s adherence to a “well-established medium-term fiscal framework.”
As former Finance Secretary, Recto recalibrated the fiscal program to ensure realistic targets while maintaining engagement with credit rating agencies. He stressed that protecting the country’s high credit rating remains essential for securing affordable financing for infrastructure, healthcare, education, and other key services, as well as attracting foreign direct investments.
S&P further highlighted the Philippines’ strong domestic demand, easing inflation, and robust remittances. The economy has grown an average of 5.7% since 2022, with S&P projecting 6.2% growth from 2026 to 2028, driven by consumption and sustained public and private investment.
Ongoing efforts to close infrastructure gaps and improve the business climate—supported by reforms under the CREATE MORE law—are expected to enhance productivity and draw more foreign capital.