Hard work pays off for investment-grade Philippines

The country is now rated investment grade by all three rating agencies, but the real thanks should go to overseas workers rather than the government.

Hard work pays off for investment-grade Philippines
Finance minister Cesar Purisima says the Philippines is still among the most under-rated countries

The Philippines secured a full investment-grade credit rating yesterday after Moody’s fell into line with other major rating agencies and upgraded the country by one notch to Baa3 from Ba1.

The rating agency said its decision reflected a “structural shift to higher growth”.

The Philippines has enjoyed 47 consecutive quarters of positive economic growth, with gross domestic product expanding by 6.8% during 2012 and by 7.6% in the first half of 2013....

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