The Philippine Rating Services Corporation (PhilRatings) is the only domestic credit rating agency in the Philippines accredited by the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC). It is a founding member of the Association of Credit Rating Agencies in Asia (ACRAA), which now counts twenty-five (25) domestic credit rating agencies in the Asian region as its members. PhilRatings actively participates in the development of the Philippine capital market by implementing a national credit rating system.

The Bangko Sentral ng Pilipinas (BSP) has approved the recognition of PhilRatings as a domestic credit rating agency (CRA) for bank supervisory purposes. PhilRatings is thus the first domestic CRA to be accredited by the BSP. Eligibility criteria for recognition include, among others: a minimum 5-year track record in issuing reliable and credible ratings; a pool of experienced analysts; competent and experienced Board of Directors; an established rating methodology; and that the CRA has an established record of independence, objectivity, and transparency.

In addition to the recognition by the BSP, PhilRatings has also been accredited by the Securities and Exchange Commission (SEC) as a credit rating agency after its compliance with the requirements under SRC Rule 12.1 subject to faithful compliance with the reportorial and other requirements of said Rule, applicable laws, circulars, rules and regulations and to further orders of the Commission.

PhilRatings is a BSP-recognized domestic external credit assessment instutition (ECAI) which can rate domestic debt issuances in relation to the BSP's implementing guidelines of Basel II.