Philippines Fitch Rating is now investment grade- BBB

Philippines Fitch Rating is now investment grade- BBB! Congratulations to President Aquino’s 'tuwid na daan' which has led us to investment grade rating for the first time in our history.
What does an Investment Grade rating mean for the Philippines?

This investment grade rating is a seal of good housekeeping and a resounding vote of confidence in the Philippine economy. It is strong affirmation that the Philippines is on the right path towards sustainable and inclusive growth. It also closes the gap between our market rating and our credit rating. This upgrade was achieved due to sound macroeconomic fundamentals, underpinned by good governance reforms as well as the Philippines’ good economic prospects moving forward.
Statement: The Secretary of Finance on Fitch Ratings’ upgrade of the PHL to investment grade, March 27, 2013

Statement of Secretary Cesar V. Purisima:
On Fitch Ratings’ upgrade of the Philippines to investment grade
[March 27, 2013]
We welcome and thank Fitch Ratings for recognizing the gains the Philippines has made in the past years. After successfully reversing a decade of decline in our credit ratings, President Aquino’s tuwid na daan has led us to investment grade rating for the first time in our history. This is the clearest and most definite affirmation that good governance is indeed good economics. Indeed, another historic first under the Aquino administration and a landmark achievement!
Investment grade open ups more sources of financing for our businesses, lowers the cost of borrowing, and encourages more investments, which in turn will lead to more jobs and greater incomes for our people.
The Aquino administration remains committed to eliminating corruption, investing in our people, and enhancing our infrastructure and overall business climate. We have already done so much in the past 3 years, with greater cooperation from our people, we can do so much more.
April 15 is the deadline for income tax filing. I urge everyone to contribute to the work of building our country by paying the right taxes. Higher revenues will allow us to invest in more education programs, more health services, and more infrastructure, creating more jobs and more wealth for everyone. Everybody wins when everybody pays the right taxe
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