(Reuters file photo)MANILA: Fitch Ratings on Monday upgraded Philippines' credit rating to 'BBB' from 'BBB-', citing the nation's "strong and consistent" macroeconomic performance and sound policies supporting high and sustainable growth rates. Fitch, the first credit rating agency to raise the Philippines' credit rating to investment grade in 2013, said investor sentiment also remained strong, as indicated by solid domestic demand and inflows of foreign direct investment. Duterte has pledged to modernise the country's airports, roads, railways and ports through a six-year $180-billion, "Build, Build, Build" initiative to attract much-needed foreign direct investment and lift economic growth. Fitch upgraded the Philippines by one notch to 'BBB-' in 2013, with the agency citing Manila's efforts to achieve fiscal sustainability, curb corruption and increase infrastructure spending. Moody's Investors Service in 2013 was the last of the three major agencies to lift the Philippines to investment grade status.

Source: Bangkok Post December 11, 2017 03:22 UTC