S&P Global Ratings on April 8, 2026, revised the Philippines' credit outlook to 'stable' from 'positive' and affirmed its debt grade at BBB+, citing elevated risks to the country’s external and fiscal position due to the Middle East conflict. S&P stressed that elevated energy prices would widen the Philippines' current account deficit this year and reduce buffers in its net external asset position. The ongoing energy price shocks are also expected to further dampen economic activity and consumer sentiment, weighing on household spending in the first half of the year. The agency expects a rebound in the second half of the year, projecting full-year GDP growth of 5.8%. Moody's credit rating for Philippines was last set at Baa2 with stable outlook.