ECONOMIC managers have met with officials of Japanese credit rating agency Rating and Investment Information Inc. (R&I) and are hopeful of an upgrade, Finance Secretary Ralph Recto said on Thursday.

Present during the meeting, along with Recto, were Investment and Economic Affairs Secretary Frederick Go, Socioeconomic Planning Secretary Arsenio Balisacan, Budget Secretary Amenah Pangandaman, Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila Jr. and National Treasurer Sharon Almanza.

The finance chief told The Manila Times that the economic managers were "pushing for credit upgrade" from the current ''BBB+'', which R&I affirmed last August.

The debt watcher also raised the outlook for the Philippines to positive from stable, citing the country's economic performance amid global economic uncertainties.

"This rating reflects confidence in the country's sound economic policies," Recto said.

"It also means more accessible financing for the government's development programs, benefiting all Filipinos," Recto said.

R&I said last year that it would upgrade the rating "once the factors such as the economic growth path sought under the Philippine Development Plan 2023-2028, the stable macroeconomic condition, and the improving trend of fiscal consolidation are confirmed."

The Philippine economy grew by a below-target 5.5 percent last year, slumping from 2022's better-than-expected 7.6 percent.

First quarter growth this year, meanwhile, was a lower-than-expected 5.7 percent, also below the government's downwardly revised 6.0 to 7.0 percent target for 2024.

Recto, however, remained optimistic about the country's growth prospects and said that this goal would be achieved.

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