The Philippines for the first time was upgraded from BB+ to BBB- sovereign credit rating by global credit rating firm Fitch Ratings, giving the country a much stable economical outlook.
In a statement on March 27, Wednesday, Fitch said the Philippine economy has been resilient, "expanding 6.6% in 2012 amid a weak global economic backdrop."
President Benigno Aquino III called the investment grade a "national pride" and "an institutional affirmation of our sound good governance agenda."
"The task now is to ensure that the investments will be used to empower the economy," he added.
A measure of a credit rating tells investors it is safe to do business to a country, encouraging them to put huge capital. The BBB- rating given by Fitch to the Philippines means the country has a strong ability to pay its debt. This lowers its borrowing costs, generating savings, which may be spent for social services.
Among the reasons Fitch granted the country an upgrade are resilient remittances, resilient economy, fiscal prudence, prudent monetary strategy, and good governance.
Other international credit rating firms - Standard & Poor's (S&P) and Moody's Investors Service - have granted the Philippines BB+ and Ba1 ratings, respectively.