National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Thursday expressed optimism about the country’s economic prospects following an improved credit rating outlook from S&P Global Ratings.
Speaking at a press briefing, Balisacan highlighted the significance of the credit rating upgrade to “positive,” saying it reflects progress in fiscal consolidation and economic reforms.
“The upgrade acknowledges our achievements, particularly in stabilizing fiscal conditions and improving our debt and deficit metrics,” Balisacan said.
“This also aligns with our efforts to pass and implement reforms that enhance the economy’s long-term potential,” he added.
With the positive outlook, Balisacan said the Philippines aims to secure an “A” credit rating within the next 24 months. Such a rating would position the country as a prime borrower, reducing borrowing costs for both the government and private sector.
“An ‘A’ rating would lower the cost of capital, making credit more affordable,” Balisacan noted.
Balisacan also reported on a high-level meeting held earlier in the day with President Ferdinand Marcos, economic managers, and congressional leaders. The discussions centered on accelerating priority projects under the Philippine Development Plan.
“The President emphasized, and we all agreed, on the importance of ensuring the completion of high-priority projects, especially those aimed at enhancing food security and improving infrastructure,” Balisacan said.
He added that the administration remains committed to funding critical initiatives, particularly those supported by official development assistance (ODA), in the 2025 budget.
“These projects are essential for achieving the socio-economic transformation we envision,” he said.
The government’s focus on infrastructure and food security aligns with it.
