The Philippines as a Tourism Destination
BREAKING NEWS!!!
Philippines Wins First Investment Grade Rating From Fitch
SOUTH AND SOUTHEAST ASIA, PHILIPPINES, CREDIT RATINGS, BUSINESS NEWS
Reuters | Wednesday, 27 Mar 2013 | 5:38 AM ET
Fitch Ratings raised the Philippines' credit rating to investment grade on Wednesday, a first for the Southeast Asian nation, in a move expected to boost investment and lift the country's long-term growth potential.
The one-notch upgrade to 'BBB-' is a vote of confidence in the government's efforts to achieve fiscal sustainability, curb corruption and increase infrastructure spending, and comes as a growing number of much larger economies in the West struggle to avoid credit rating downgrades.
"The Philippines' sovereign external balance sheet is considered strong relative to 'A' range peers, let alone 'BB'and 'BBB' category medians," Fitch said in a statement, adding a persistent current account surplus underpinned by remittance inflows has helped the country become a net external creditor.
Fitch also said Manila has had stronger and less volatile growth than its peers over the last five years, and expects trend GDP growth of 5-5.5 percent in coming years.
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