Manila, 28 April 2026—The United Nations Development Programme (UNDP), through its Africa Credit Ratings Initiative (ACRI), convened 22 government officials from 11 African countries for a three-day Executive Study Tour to the Philippines on Strengthening Sovereign Credit Ratings. 

Held from 21 to 23 April 2026 and organized with support from the Government of Japan, in collaboration with AfriCatalyst, the tour brought together officials from ministries of finance, central banks, and national statistical offices for discussions with five key Philippine institutions: the Department of Foreign Affairs, the Department of Finance, the Bangko Sentral ng Pilipinas, the Philippine Statistics Authority, and the Department of Budget and Management.

The exchange comes at a time of mounting fiscal pressure. Africa’s external debt reached $707.9 billion in 2024, with debt service payments of $84.4 billion, equivalent to 26.6 percent of the continent’s combined GDP, according to The ONE Campaign.

The Philippines was selected as a reference case due to its transition to investment-grade status in 2013, when it secured ratings from Fitch, S&P and Moody’s. This progression was supported by sustained fiscal discipline, strengthened inter-agency coordination, and structured engagement with credit rating agencies.

"This Study Tour represents South-South Cooperation in action,” said Leila C. Lora-Santos, Assistant Secretary at the Department of Foreign Affairs of the Philippines. “This initiative can now serve as a model of how countries can come together to exchange knowledge, build capacity, and support one another's development trajectories. We view this not as a one-off engagement, but rather as a proof of concept that will open doors for sustained collaboration."

Discussions covered the institutional mechanisms behind the Philippines' sustained investment-grade status, including the role of the whole-of-government mechanism the Development Budget Coordination Committee (DBCC), and the importance of fiscal coordination, investor relations units, and rating advisors to maintain continuous dialogue with agencies.

"In Africa alone, differences in credit rating assessments have been estimated to cost countries billions in lost financing opportunities, resources that could otherwise be directed toward critical development priorities,” emphasized Ahunna Eziakonwa, UN Assistant Secretary-General and Director of UNDP's Regional Bureau for Africa. “Strengthening sovereign creditworthiness is ultimately about expanding policy space, enabling countries to access financing on more favourable terms, and to invest more effectively in sustainable and inclusive development."

Working group sessions identified shared priorities across participating countries, including the need for national credit rating strategies, stronger inter-agency coordination, and more proactive and sustained engagement with rating agencies. The tour provided a practical platform to examine how the Philippines addressed each of these, and to identify what can be adapted to African contexts.

"Sovereign credit ratings are, in many ways, a country's economic reputation made visible," said Edwine Carrie, Deputy Resident Representative at UNDP Philippines. "This exchange demonstrates that countries can work together to address the cost of borrowing, strengthen institutional credibility, and show that international cooperation can still deliver concrete results for development."

Key takeaways from the tour centred on five areas: the importance of inter-agency coordination to ensure a whole-of-government approach to sovereign credit ratings; the need for improved and consistent data across institutions to support credible engagement with rating agencies; the value of ongoing and proactive communication with credit rating agencies beyond formal review cycles; a deeper understanding of rating methodologies and how to better prepare for the rating process and negotiations with agencies; and the proven value of South-South cooperation as a practical and scalable learning model. 
For many participants, the Philippines' experience demonstrated that the path to investment grade is navigable with the right institutional foundations in place. 

The tour coincided with the launch of the ACRI e-course on Sovereign Credit Ratings and Development in Africa, offered in partnership with the UN System Staff College (UNSSC). The 22 study tour participants form the core of the first cohort of enrolled learners, with subsequent cohorts open to ACRI's broader community of practice.

Through the Africa Credit Ratings Initiative, UNDP will continue to support participating countries through technical assistance, advisor deployments, and access to knowledge sharing resources such as webinars on investor relations, inter-agency coordination, and data quality.

About the Africa Credit Ratings Initiative
UNDP's Africa Credit Ratings Initiative, launched in 2024, supports African governments through technical advisory services, capacity building, and peer learning, with a focus on strengthening institutional readiness and improving engagement with credit rating agencies. Learn more: https://www.undp.org/africa/credit-ratings-resource-platform . 
 

Media Contacts
Eve Sabbagh
Strategic Communications Specialist, UNDP Regional Bureau for Africa
New York
eve.sabbagh@undp.org

Alan Kristofer Motus
Communications Associate, UNDP Philippines
Manila
alan.kristofer.motus@undp.org