Australia bets on PHL grants PhP2-Billion to expand jobs and investment

PH secures PhP2-Billion Australia grant to expand jobs and investment

Philippine Information Agency
September 25, 2026

The Governments of the Philippines and Australia are stepping up efforts to create more economic opportunities for Filipinos through the AUD45-million (around PhP2 billion) Promoting Growth, Resilience, Economic Stability, and Sustainability in the Philippines (PROGRESS) Subsidiary Arrangement Program. 

The program will support reforms that make it easier to do business, attract investments, and strengthen the government’s capacity to deliver sustainable and inclusive growth.

“This grant reflects Australia’s continued commitment to our development priorities,” Finance Secretary Frederick D. Go said during the launch of the PROGRESS subsidiary arrangement program.

PROGRESS will support initiatives to reduce unnecessary barriers, improve regulatory predictability, lower the cost of doing business, and implement reforms in strategic areas such as clean energy and critical minerals.

It will also support the Luzon Economic Corridor (LEC) through project preparation, streamlined approvals, public-private partnerships, and blended finance.

These interventions will help move priority projects from the pipeline to implementation, strengthen the Philippines’ competitiveness and energy security, and deepen regional supply chains—creating more opportunities for investments, businesses, and jobs.

PROGRESS will also build on the Philippines’ ongoing reform agenda, including the CREATE MORE Act, Green Lanes for Strategic Investments, PPP Code, land and right-of-way reforms, and the continuing digitalization of government processes.

The launch puts into action the shared commitment established through the signing of the PROGRESS Subsidiary Arrangement in March. It brings together partner agencies and stakeholders to translate the program’s objectives into concrete interventions, shared ownership, and measurable results.

The Philippines and Australia have maintained more than 80 years of bilateral relations and five decades of development cooperation. PROGRESS further strengthens this partnership in support of the Philippines’ development priorities.

“The Department of Finance is committed to working closely with Australia and all our partners. We want to have tangible results immediately. Together, let us deliver PROGRESS as fast as possible for Filipinos,” Sec. Frederick Go said.

Philippines gets top marks for investor relations, debt transparency

Philippines gets top marks for investor relations, debt transparency

Nyah Genelle C. De Leon
Inquirer.net
11 July 2026

MANILA, Philippines – The Philippines ranked among the top performers in the latest Institute of International Finance (IIF) assessment of emerging markets, earning high marks for investor relations and debt transparency.

In its 2026 Investor Relations and Debt Transparency Report, the IIF gave the Philippines the highest Investor Relations Country Score of 49.3 out of 50, making it the top performer among 57 emerging markets and developing economies.

The score measures the breadth and quality of a country’s investor relations practices. According to the IIF, higher scores are typically associated with stronger and more stable sovereign credit ratings.

The Philippines also ranked third in debt transparency, scoring 12.3 out of 13, behind only Türkiye and Hungary. The indicator evaluates how governments disclose public debt data and policies.

Meanwhile, the country was one of only four economies to earn a perfect 4.0 score for environmental, social and governance (ESG) data and policy disclosure, alongside Hungary, Uruguay and Chile.

The strong showing across all three indicators reflects what the IIF calls a “transparency dividend.”

“When fiscal, debt, and policy information is disclosed in a timely, credible, predictable, and investor-friendly manner, investors are better able to distinguish known risks from unknown ones, shrinking the uncertainty premium embedded in borrowing costs,” the IIF said.

“This growth in the investor relations function reflects growing recognition that investor engagement and transparency are integral to sovereign debt management—a ‘must-have’ rather than ‘nice-to-have’ set of communication tools,” it added.

Commitment to transparency

In a statement on Friday, the Department of Finance (DOF) credited the country’s strong performance to its investor engagement efforts and commitment to making sovereign debt data more transparent and accessible.

“This recognition sends a strong signal that the Philippines is a credible and reliable investment destination. It reflects growing confidence in the Philippine economy and in the reforms we are pursuing,” Finance Secretary Frederick Go said.

“By strengthening investor relations through transparency, trust is built. Strong investor confidence helps the government access financing on better terms, allowing us to invest more in priority programs and services that create jobs, support businesses, and expand opportunities for Filipino families,” he added.

The report comes despite outlook downgrades from two major credit rating agencies in April.

Fitch affirmed the Philippines’ BBB rating but revised its outlook to “negative” from “stable.” S&P Global Ratings kept its BBB+ rating but lowered its outlook to “stable” from “positive.” Moody’s Ratings maintained both its Baa2 rating and stable outlook. /pai INQ

South Korea keen on investing in Luzon Economic Corridor

Philippines, South Korea scaling up economic cooperation

Aubrey Rose Inosante

Philstar Global

10 July 2026

MANILA, Philippines — The Philippines and South Korea are scaling up economic cooperation through strategic investments under the Luzon Economic Corridor (LEC) and potential collaboration on nuclear energy, the Department of Finance (DOF) said.

Finance Secretary Frederick Go and Korean Ambassador Lee Sang-Hwa reaffirmed their commitment to expanding economic cooperation, including opportunities under the LEC.

The two countries are strengthening their economic partnership through strategic investments in high-value manufacturing, semiconductors, shipbuilding and infrastructure.

The partnership leveraged Korea’s technical expertise and the Philippines’ young workforce, the DOF said.

“These investments represent opportunities for Filipinos through better jobs, improved connectivity and more reliable services. We look forward to working closely with Korea to deliver projects that are truly responsive to the needs of the people,” Go said.

Among the investments mentioned was the expansion of the multilayer ceramic capacitor (MLCC) manufacturing facility of Samsung Electro-Mechanics Philippines in Laguna.

MLCCs are vital components of automobiles, smartphones and other electronic devices.

Go and the Korean envoy also noted SFA Semicon’s proposed expansion investment, HD Hyundai Heavy Industries’ shipbuilding operations in Subic and the construction of two major railway projects that will enhance connectivity across Luzon.

The Philippines and Korea are likewise deepening maritime cooperation through HD Hyundai Heavy Industries Philippines, which is set to launch its first locally built vessel at its Subic shipyard this year.

Korea is also a key partner in the construction of the North-South Commuter Railway and the Subic-Clark-Manila-Batangas Railway, which are touted to slash travel time and cost.

Potential cooperation on nuclear energy to diversify the country’s energy mix and support long-term economic growth was also explored.

“As a trusted and enduring partner, the Republic of Korea remains committed to deepening substantive cooperation with its strategic partner, the Philippines, to build a shared future marked by mutual prosperity, resilience and sustainable growth,” Lee said.

Rating and Investment Information (Japan) upgrades Philippines rating

Japan credit watcher upgrades Philippines rating

Story by Keisha Ta-Asan

PhilStar Global

15 Aug 2024

MANILA, Philippines — Tokyo-based debt watcher Rating and Investment Information Inc. (R&I) has upgraded its investment grade rating for the Philippines to A- from BBB+ with a stable outlook on the back of the country’s robust economic growth, improving fiscal balance, rising investments and a stable banking sector.

The Japanese credit rating agency said the Philippines would likely see a stable growth and sustained improvement in national income amid active investments, development of domestic business sectors and favorable demographics.

“The fiscal balance as a share of gross domestic product (GDP), which had deteriorated during the COVID-19 pandemic, has improved and the government debt ratio will likely start falling in a year or two,” R&I said.

The country’s A- credit rating, which is three notches above minimum investment grade, was also due to expectations of manageable current account deficit and external debt in the coming year.

“Based on macroeconomic stability and high economic growth path as well as expected continuous improvement in fiscal balance, R&I has upgraded the Foreign Currency Issuer Rating to A-,” it said.

The Philippine economy grew by  5.5 percent last year, lower than the 7.6 percent expansion in 2022. GDP growth, however, picked up to 6.3 percent in the second quarter of the year from 5.8 percent in the first quarter.

For this year, Philippine economic managers are looking at a faster GDP growth of between six and seven percent.

According to R&I, the Philippine economy has been showing fast growth among major economies in Southeast Asia as the service industry is centered on business process outsourcing and expanding manufacturing bases.

The current account deficit, which stood at 2.6 percent of GDP in 2023, will likely narrow to around two percent of GDP by end-2024 amid stable remittances and foreign direct investments.

“Given that the increasing trend of imports such as construction materials backed by infrastructure investments can be seeds for future growth, R&I views that the current account deficit is not necessarily a negative element in the Philippines’ credit assessment,” it said.

Meanwhile, the debt watcher said the fiscal deficit as a share of GDP would decline to a level near the government target of 5.6 percent this year and central government debt would start decreasing in the next two years from the peak of 60.9 percent of GDP in 2022.

“The government covers its financing needs mainly through the issuance of government bonds in the domestic financial market. The country’s debt remains affordable, given the manageable burden of interest payment,” it said.

Finance Secretary Ralph Recto said the credit rating upgrade reflects robust investor confidence in the country’s high economic growth, strong fiscal position and promising outlook.

“This is a milestone achievement. This is the first-ever credit rating upgrade under President Marcos, which proves that investors and creditors have great confidence in his management of the economy,” he said.

Recto said the government’s medium-term fiscal program is its blueprint for the road to A rating.

“This ensures that we can reduce our deficit and debt gradually in a realistic manner while creating more jobs, increasing our people’s incomes, growing the economy further, and decreasing poverty in the process. Sticking to this program can help us get there faster,” he said.

The Department of Finance said a high credit rating sends a strong signal of confidence to investors and creditors, leading to cheaper and more cost-effective borrowing costs for the government and the private sector.

Philippines tops global ranking on investor relations and debt transparency

PH top performance in debt transparency report boosts public trust

By Anna Leah Gonzales
Philippine News Agency
July 7, 2024

MANILA – The Philippines topping the global ranking on investor relations and debt transparency is a testament to the proactive efforts of the Department of Finance (DOF) in boosting public trust and engagement, Secretary Ralph Recto said.

“It is very encouraging to see that the Philippines is setting a global benchmark in investor relations and debt transparency,” Recto said in a media release on Sunday.

The Philippines topped the debt transparency ranking, according to the Institute of International Finance (IIF) 2024 Investor Relations and Debt Transparency Report.

Out of 50 countries surveyed by the IIF, the Philippines scored the highest with 12.5 out of 13.

The debt transparency score assesses sovereign borrowers' data and policy dissemination practices.

It takes into account adherence to enhanced transparency practices; user-friendliness of macroeconomic and environmental, social, and governance (ESG) data formats; and availability of ESG data, among others.

The Philippines also ranked first in the survey on investor relations with a near-perfect score of 48.8 out of 50. It evaluates the overall investor relations practices of countries across 23 criteria.

Recto said transparency is most important, especially regarding government debt, to clearly show the public where their taxes and borrowings go.

“This transparency reflects the Marcos, Jr. administration’s commitment to managing the country’s finances prudently and sustainably to ensure a future of fiscal stability for Filipinos," Recto said.

“Through constant dialogues, we equip our creditors and investors with the knowledge and insights needed to make informed assessments of our country's performance,” he added.

The Philippines’ debt transparency initiatives are being led by the Bureau of the Treasury (BTr), which releases to the public regular comprehensive reports on the central government's fiscal outturns and debt portfolio.

These include the National Government Cash Operations Report, which outlines the actual monthly and annual revenue collections, expenditures, and financing of the national government; and the National Government Debt report monthly, with details of the outstanding obligations of the government.

The government also releases an annual Fiscal Risk Statement that outlines current trends concerning macroeconomic and fiscal performance, public debt, monetary policy, as well as potential risk exposure and mitigation measures in place.

The BTr likewise releases the auction calendar to provide market participants with insight about the intended tenor and volume of treasury bills and bond issuances.

On strengthening investor relations, the DOF engages in multiple domestic and international Philippine Economic Briefings (PEBs) to serve as an avenue for the government to provide investors with updates on the country's economic and financial performance, as well as developments on key policies and programs.

The PEBs provide investors with the opportunity to share their insights and express their concerns with the government for better policymaking.

Since Recto took office, the Philippines already held PEBs in Manila, the United States and Japan. (PNA)