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.
Finance minister Cesar Purisima says the Philippines is still among the most under-rated countries
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. Helped by low inflation and low interest rates, the country is growing faster than most of the rest of the world.

Moody’s upgrade means that the Philippines now has an investment-grade rating...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222