The Philippines obtained the highest credit rating in the country's economic history in recognition of the reforms carried out by the Aquino administration which allowed the country to have the best performance of the countries of Southeast Asia in terms of economic growth. Standard & Poor's (S&P) announced an upgrade for long-term bonds denominated in pesos and dollars.
From the previous rating of “BBB-,” S&P has now assigned the Philippines “BBB,” which represents the best “grade” given to the country by the three major international credit agencies.
"We will continue to institutionalize good governance in order to have sustainable and inclusive growth," commented Finance Secretary Cesar Purisima. “We expect ongoing reforms across a broad range of structural, administrative and institutional issues to continue beyond the terms of the current administration,” S&P said in a statement.
Last year the Philippine economy grew by 7,2%, a faster pace than expected 6,8% and better than government targets of 6-7 percent. The country's growth has been the largest of the major economies in Southeast Asia. This was despite the damage caused by Super Typhoon Yolanda last November, an event that many observers had linked to a possible slowdown in growth. Manila has now set itself a more ambitious target of between 6,5 and 7,5 percent. By 2016, it is expected to bring economic growth to 8,5 percent.
