Philippines Leads Global Rankings in Debt Transparency and Investor Relations
MANILA — The Philippines has achieved the top position in the global rankings for investor relations and debt transparency, reflecting the government’s commitment to enhancing public trust through open financial practices.
According to Philippines News Agency, the 2024 Investor Relations and Debt Transparency Report by the Institute of International Finance (IIF), the Philippines scored 12.5 out of 13 in the debt transparency ranking among 50 surveyed countries. This score evaluates sovereign borrowers on their data dissemination and policy transparency practices, focusing on the adherence to enhanced transparency, the user-friendliness of macroeconomic and environmental, social, and governance (ESG) data formats, and the availability of such data.
Additionally, the Philippines also secured the top spot in investor relations with a score of 48.8 out of 50, based on an evaluation across 23 criteria. Finance Secretary Ralph Recto highlighted the importance of these achievements in a recent media release, stating that transparency in government debt is crucial for showing the public how their taxes and borrowings are utilized.
The Bureau of the Treasury (BTr) plays a central role in these initiatives, regularly releasing comprehensive reports that outline the central government’s fiscal outcomes and debt portfolio. These publications include the National Government Cash Operations Report, which details monthly and annual revenue collections, expenditures, and financing, and the National Government Debt report, which is updated monthly with details on the government’s outstanding obligations.
Moreover, the annual Fiscal Risk Statement provides insights into macroeconomic and fiscal performance, public debt, monetary policy, and outlines potential risks and mitigation measures. The BTr also publishes an auction calendar, giving market participants insights into upcoming treasury bills and bond issuances.
On the international front, the Department of Finance (DOF) conducts Philippine Economic Briefings (PEBs) both domestically and internationally, including recent sessions in Manila, the United States, and Japan. These briefings serve as a platform for the government to update investors on the country’s economic and financial performance and upcoming policy initiatives. They also provide a venue for investors to share insights and concerns, which aids in better policymaking.