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Philippines welcomes positive news from credit rating agency

Posted by graham on August 23rd, 2013 in About the Philippines

Standard & Poor’s original forecast of a 6.9% gross domestic production growth for the year was highly welcomed by the Philippine government. It meant that the country has potential to become one of the leading economies of the region.

The rating agency S&P have recently upgraded the ranking of the Philippines to “investment grade”. This rating would mean that the government would have the capability to fulfill their obligation to creditors. The agency also reported that the Philippines have taken the growth leadership role from Indonesia among the ASEAN member countries. Overall, S&P predicts that the Philippine economy will grow by 6.9% this year, a lot faster than other ASEAN economies.

Source: Gulf News