Philippines gets top marks for investor relations, debt transparency

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.

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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.

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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.

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“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.

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“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.

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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