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Manila Bulletin devider Business devider Banking & Finance devider JCR's 'A-' rating set to bolster Japanese investment in Philippines, says Remolona

JCR's 'A-' rating set to bolster Japanese investment in Philippines, says Remolona

Published Jun 5, 2025 03:55 pm

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said the Japan Credit Rating Agency’s (JCR) latest affirmation of the Philippines’ “A-” credit rating with a stable outlook is expected to strengthen confidence among Japanese investors in the country.

On Thursday, June 5, JCR affirmed the Philippines’ investment-grade credit rating of “A-” with a “stable” outlook.

According to the Japanese credit rating, the ratings “mainly reflect the Philippines’ high and sustained economic growth supported by solid domestic demand, low-level external debt, and resilience to external shocks supported by accumulated foreign exchange reserves.”

In the first quarter of 2025, the country’s gross domestic product (GDP) expanded by 5.4 percent, a rate slower than the 5.7 percent growth seen in the previous year.

The BCP cited the stable prices as among the major drivers of the growth. Inflation averaged two percent during the first four months of the year.

“Despite increased uncertainty due to changes in US tariff policies, [the] Philippines’ foreign exchange liquidity position remains solid, and JCR expects the economy to retain high resilience to external shocks going forward,” JCR said.

As per the BSP’s statement,JCR expects the country’s economic growth to stay in the upper five-percent range this year. This means falling short of the growth target of six to eight percent.

“JCR’s affirmation will support and strengthen investment from Japan, one of the Philippines’ most important partners. The BSP will continue to safeguard price and financial stability to boost the country’s resilience amid global headwinds,” Remolona said.

As of end-April 2025, the Philippines’ US dollar stock or gross international reserves (GIR) stood at $105.3 billion, sufficient to cover 7.3 months of imports and 3.6 times short-term foreign debt based on residual maturity.

It can be recalled that Fitch Ratings also affirmed its ‘BBB’ with a stable outlook for the Philippines in April, citing easing inflation, sound monetary policy, and stable public debt as key factors.

An investment-grade rating indicates low credit risk and helps the government secure better financing terms for key public services and infrastructure projects.

DOF chief Recto welcomes 'very good news'
President Marcos’ chief economic manager, Finance Secretary Ralph G. Recto, said that this “very good news” means that the confidence investors in our Philippine remains strong.
As such, Recto assured that the government remains committed to securing more “'A” ratings “by staying faithful to our fiscal consolidation plan and road-to-A strategy.”
He also noted that the government has already enacted major reforms, including the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act and the Capital Markets Efficiency Promotion Act (CMEPA).
Moving forward, the government, he said, will continue its efforts “to attract more investments and boost economic growth.”
JCR’s latest rating affirmation helps keep the Philippines in a strong position to retain high investment-grade ratings from major global and regional credit agencies, the DOF said.
“Recto, together with the rest of the economic team, regularly engages with JCR and all major credit rating agencies to provide comprehensive briefings on the country’s fiscal and economic performance,” it said.

Related Tags

Bangko Sentral ng Pilipinas (BSP) BSP Governor Eli M. Remolona Jr. Department of Finance (DOF) Ralph G. Recto Japan Credit Rating Agency (JCR)
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