MANILA, Philippines — Philippine businesses could gain greater access to competitive financing as Philippine Rating Services Corporation (PhilRatings), the country’s pioneer domestic credit rating agency, and global credit rating leader Moody’s Ratings (Moody’s) formally launched their strategic equity partnership in Manila.
Marked by an inaugural ribbon-cutting ceremony and economic outlook forum, the launch follows Moody’s acquisition of a minority stake in PhilRatings. The partnership combines Moody’s global credit rating expertise with PhilRatings’ deep understanding of the Philippine market to strengthen domestic credit assessments, promote transparency, and support capital market development.
“The investment makes Moody’s a strategic partner with a stake in our continued success. Our purpose does not change. We exist to connect Philippine issuers with investors on terms both sides can trust,” said PhilRatings Chairman Christian Argos.
The collaboration comes as Philippine businesses face high financing costs and limited access to long-term funding, particularly for expansion and infrastructure projects. By strengthening the quality and credibility of local credit ratings, the partnership aims to help more companies access diverse financing sources, including the domestic corporate bond market.
“Moody’s is the ideal strategic partner for PhilRatings because their global analytical leadership, technical depth, and cross-border credibility perfectly complement our four decades of understanding the domestic market,” said PhilRatings Vice President and Head of Credit Rating Bogie Indiongco. “By bringing international rating standards to the local market, we give local companies, banks, and institutional investors the confidence and transparency they need to unlock new capital and drive sustainable growth.”
Among the notable people who attended the event were:
- Alice Lin, Executive Director – Head of Strategy, APAC Moody’s Ratings
- Wendy Cheong, Managing Director – Regional Head of APAC Moody’s Ratings
- Rogelio Mercado, Jr. – Assistant Governor of the Monetary Policy Sub-Sector (MPSS) of the Bangko Sentral ng Pilipinas (BSP)
- Christian Argos – Chairman of the Board of Directors of Philippine Rating Services Corporation (PhilRatings)
- Santiago Dumlao, Jr. – Member, Board of Directors of Philippine Rating Services Corporation (PhilRatings)
A shared vision for national growth
The partnership builds on the Philippines’ investment-grade credit standing, with Moody’s assigning the country a Baa2 sovereign credit rating and stable outlook. This rating reflects the country’s creditworthiness and serves as an important reference point for investors assessing opportunities in the Philippine market.
Through their combined expertise, Moody’s and PhilRatings aim to strengthen confidence in domestic credit ratings and support a more transparent, globally aligned credit market. The partnership is also expected to contribute to the development of the local currency corporate bond market. This provides Philippine businesses with additional financing options beyond traditional bank lending.
Greater access to long-term funding could benefit companies undertaking capital-intensive projects in transportation, renewable energy, telecommunications, logistics, and manufacturing. These sectors require substantial investments to expand operations, improve infrastructure, and meet the needs of a growing economy.
A more developed domestic bond market could help businesses secure financing on competitive terms, subject to market conditions and their credit profiles. Improved access to capital can, in turn, support business expansion, infrastructure development, and job creation while helping companies manage financing costs.
Beyond corporate financing, a deeper and more transparent bond market could also create more investment opportunities for institutional and retail investors. Credible and independent credit ratings provide valuable insights into the risks associated with corporate bonds, helping investors make informed decisions. By supporting business expansion and investor confidence, the partnership aims to contribute to a more resilient Philippine economy, with potential long-term benefits for employment, infrastructure, and Filipino households.
“At the end of the day, our mission is to build a credit ecosystem that genuinely serves the everyday Filipino,” concluded Indiongco. “When Philippine businesses can borrow affordably and transparently, everyone benefits through better public services, stable jobs, and safer ways for families to build their savings.”
