MANILA - The Department of Finance on Monday said Japan-based debt watcher, Rating and Investment Information, Inc. (R&I), has affirmed the ‘BBB+’ investment-grade credit rating it assigned to the Philippines.

R&I also revised its outlook to positive from stable, indicating the possibility of a rating upgrade, the DOF added.

“A ‘BBB+’ rating is two ranks higher than the minimum investment grade and just one notch below the ‘A-’ rating,” the DOF said.

Finance Secretary Benjamin Diokno said this brings the Philippines closer its goal of an A rating within President Ferdinand Marcos Jr’s term.

“We are firmly on track to our ‘Road to A’ and remain committed to further improving the country’s investment climate through structural reforms to enhance the quality and pace of infrastructure development,” Diokno added.

• Fitch affirms BBB rating for PH, revises outlook to stable
• Japan Credit Rating Agency affirms PH's 'A-' rating: DOF

The Philippines is aiming to get upgraded to an A rating from international debt watchers Fitch Ratings, S&P Global and Moody’s Investor Service, among others, the DOF earlier said.

An “A” rating means the country is very capable of paying its external debt. This gives it access to loans with better interest rates and makes it more attractive to foreign investors.

The DOF quoted the R&I report as saying that the Philippine economy performed well amid the volatile global landscape.

“R&I also noted that the country’s strong gross domestic product (GDP) performance in 2022 (7.6 percent) has followed through to 2023,” the DOF added.

Philippine GDP grew by 6.4 percent in the first quarter of 2023, making it one of the fastest-growing economies in the region, outpacing even China. Second quarter GDP data is expected to be released on Thursday

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