The Marcos administration would seek to improve the country's credit rating to "A" to generate positive perceptions within the business communities and attract more foreign investments.
Budget Secretary Amenah Pangandaman made the statement after global credit watcher Moody's affirmed the Philippines' "Baa2" investment-grade credit rating and added the government would double its efforts to reach the goal through a "whole-of-government approach."
"This is a positive development, but this makes us more determined to get an 'A' grade," Pangandaman said.
"I am confident that as long as we stay on track with our Agenda for Prosperity, with our whole-of-government approach, we will achieve an "A" rating with Moody's under this administration."
A "Baa2" rating means the Philippines has moderate credit risk, while an "A" rating means obligations are subject to low credit risk.
Pangandaman expressed confidence that the country will soon get an "A" rating after ten years at "Baa2."
Moody's on Thursday kept the Philippines' "Baa2" rating since 2014, citing the country's economic reforms, fiscal consolidation efforts, and robust macroeconomic fundamentals as key factors.
According to Moody's report, the passage of reforms over the past several years to liberalize the Philippine economy will support medium-term growth potential by supporting a business-friendly environment and attracting foreign investments.
Moody's is among the leading global credit rating agencies, publishing investor-oriented credit research, industry studies, and risk analysis.
Apart from Moody's "Baa2," the Philippines holds two "A-" ratings from Japan's Rating and Investment Information, Inc. and Japan Credit Rating Agency, "BBB" from Fitch Ratings, and "BBB+" from Standard & Poor's Global Ratings.
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