The Central Bank of the Philippines (Bangko Sentral ng Pilipinas, BSP) issued a statement welcoming S&P Global Ratings’ affirmation of the Philippines’ long-term “BBB+” and short-term “A-2” sovereign investment-grade ratings, maintaining a positive outlook. S&P attributed the decision to the country’s above-average economic growth potential, strong external position, policy continuity, and reforms aimed at improving the investment climate, and highlighted the central bank’s track record of keeping inflation low and its history of independence. While gross domestic product growth slowed to 4.0% in Q3 2025 from 5.5% in Q2, S&P assessed the easing as temporary and projected growth of 4.8% in 2025, rebounding to 5.7% in 2026 and 6.5% in both 2027 and 2028. The BSP also pointed to USD 110.2 billion in gross international reserves as of end-October 2025, equivalent to 7.4 months of imports and more than twice the International Monetary Fund’s adequacy benchmark. The BSP noted that a positive outlook signals a possible rating upgrade within 24 months, and that investment-grade status supports lower borrowing costs for the government and businesses.
Central Bank of the Philippines 2025-11-27
Central Bank of the Philippines welcomes S&P Global Ratings affirmation of the Philippines’ BBB+ sovereign rating with positive outlook
The Central Bank of the Philippines welcomed S&P Global Ratings' affirmation of the Philippines' long-term "BBB+" and short-term "A-2" sovereign investment-grade ratings with a positive outlook. S&P cited the country's strong economic growth potential, robust external position, and effective policy reforms. The BSP highlighted USD 110.2 billion in gross international reserves, supporting the investment-grade status and potential for reduced borrowing costs.