SUMMARY
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The Philippines won its first ever investment grade debt rating from global credit rating firm Fitch. By upgrading the Philippines’ sovereign credit rating to BBB- from BB+, Fitch gives the Philippines a vote of confidence and marks the first time the Philippines, once a basket case in Asia, joins the A-lister countries considered safe to invest in. In a statement on Wednesday, March 27, Fitch added a stable outlook and cited a robust economy and improved fiscal management. “The Philippine economy has been resilient, expanding 6.6% in 2012 amid a weak global economic backdrop. Strong domestic demand drove this outturn,” Fitch said.
Read the full story on Rappler.
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