S&P Global Ratings has reaffirmed its stable credit outlook for Asia Pacific financial institutions, including Philippine banks, amidst concerns about decelerating economic growth. The report also addressed key risks associated with the property market, economic uncertainties, high levels of public and private sector indebtedness, cyber risks, and the influence of digitalization trends on the banking sector. In the August report, S&P Global stated that Philippine banks faced substantial economic risks in a low-income economy, predicting a six percent local GDP growth for this year and in 2024 due to high inflation. However, the recent report revises this forecast to 5.2 percent in 2023 and 6.1 percent next year.