In a joint statement released on Wednesday, Nov. 27, 2024, the group welcomed S&P Global Ratings’ decision to raise the country’s credit rating outlook to “positive,” signaling a potential upgrade to an “A-” rating within 24 months.
Economic officials, including the Finance Secretary, Budget Secretary, and National Economic and Development Authority Secretary, highlighted the country’s economic resilience and commitment to sustaining growth.
“The transformation of the economy will not be set back by political challenges,” they emphasized.
S&P’s improved outlook reflects the Philippines’ above-average growth potential, sound policymaking, fiscal reforms, and solid external position.
The rating agency noted the country’s steady fiscal consolidation, boosted by recent laws like the reduction in corporate taxes and the Public-Private Partnership Act, which are expected to further attract investments.
The economic team underscored the Philippines’ ability to withstand domestic and external shocks, citing its robust consumer base, structural reforms, and strong inflows from remittances and BPO revenues.
While political dynamics play out, government operations remain on track, they said.
President Marcos is in the United Arab Emirates for an official visit to strengthen economic ties, while the Senate continues deliberations on the 2025 National Expenditure Program. Additionally, the Development Budget Coordination Committee will meet in December to evaluate the Medium-Term Fiscal Program.
The economic managers reaffirmed their focus on the country’s “Agenda for Prosperity”, adopting a government-wide approach to achieve an A credit rating and ensure uninterrupted growth.
Despite the political squabble, the administration’s commitment to fiscal stability and infrastructure development remains firm, aiming to position the Philippines as a more attractive investment destination, they said.
