FITCH RATINGS LIFTS PHILIPPINES TO INVESTMENT GRADE

MANILA - The Philippines’ sovereign rating has upgraded by one notch to investment grade (BBB-) by ratings agency Fitch, citing a persistent current account surplus and strong net external creditor position, the economy’s growth resilience over the past five years, and improvements in governance and fiscal management. The Philippines economy grew 6.6% in 2012, surpassing neighbouring Indonesia’s 6.2%.