S&P Global affirms BBB+ credit rating for PH with positive outlook

S&P Global Ratings affirmed the Philippines' "BBB+" long-term credit rating with a positive outlook, indicating the country remains in contention for an "A" rating.

The positive outlook suggests a potential upgrade within two years, supported by ongoing fiscal consolidation, stabilized debt levels, and a robust external position.

However, the agency noted that a temporary slowdown in public infrastructure spending, due to investigations into flood control projects, is weighing on near-term growth prospects.

This slowdown could temper GDP growth to an estimated 4.8 percent this year, but S&P expects a recovery over the next one to two years.

GDP growth is projected to rebound, averaging around 6.2 percent from 2026 to 2028, as delayed infrastructure projects resume, private consumption remains strong, and foreign investment flows in.