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Philippine economic managers welcomed the news that S&P Global Ratings (S&P) has raised the country's credit rating outlook to "positive," indicating a possible upgrade to an "A-" rating within 24 months.

The economic managers?the Special Assistant to the President for Investment and Economic Affairs, the Finance Secretary, the Budget Secretary, and the National Economic and Development Secretary? stressed that the Philippines is determined to achieve an A rating and the administration is ensuring that the transformation of the economy will not be set back by political challenges.

S&P pointed to the Philippines' above-average growth potential, effective policymaking, fiscal reforms, improved infrastructure and policy environment, and solid external position as the key factors for the improved rating.

These developments may also, in part, reflect the country’s on track fiscal consolidation plan, the recent passage of the CREATE MORE and PPP laws, and its sufficient buffers to ensure unhampered strong growth, supported by its robust consumer base, past structural reforms, and steady inflows coming from overseas remittances and BPO receipts.

The economic managers note that the Philippine economy has proven time and again its resilience against both domestic and external challenges, whether arising from natural disasters, geopolitical risks, election cycle tensions, global or regional financial crises, supply chain gaps abroad, cybercriminal activities, or other crises.

Hence, it is business as usual for the Philippine government.

Meanwhile, the Development Budget Coordination Committee is set to have its 189th meeting in the first week of December for the regular evaluation of our Medium Term Fiscal Program.

All branches of government are focused on fulfilling their various functions in a whole-of-government approach towards our Agenda for Prosperity. DOF Information Management Service