The Philippines’ investment grade status increased for the first time on Wednesday, Marcn 27, 2013, as Fitch Ratings gave the country a “BBB-” with a stable outlook.
The status opens up the country to move investments that can lead to additional jobs and funds for infrastructure, and help create sustainable economic growth.
According to Fitch statement, “The Philippine economy has been resilient, expanding 6.6% in 2012 amid a weak global economic backdrop. Strong domestic demand drove this outturn,” Fitch stated. For full details of the statement read ABS-CBN’s news article about Fitch Full Statement.
The Philippines Fitch Ratings upgrade from “BB+” to “BBB-” may mean the following:
- lower interest rates on debts
- more investors buying on Philippine securities
- more money to spend for economic stimulus
- lower borrowing cost
- more foreign investments
- less risks in PH markets
- more jobs and employment
Here’s a video report from ABS-CBN:
Here’s also an infographic created by ABS-CBN with details sourced from Malacañang:
