The Philippines on Thursday received an investment-grade credit rating upgrade from Standard & Poor's, the second agency to give the country such an upgrade in two months, dpa reported. S&P said the Philippines' long-term foreign currency rating was upgraded from BB+ to BBB, with a stable outlook. "The upgrade on the Philippines reflects a strengthening external profile, moderating inflation and the government's declining reliance on foreign currency debt," the agency said in a statement. In March, US-based Fitch Ratings became the first credit rating agency to upgrade the Philippines to investment rank amid strong economic growth. Philippine Finance Secretary Cesar Purisima said S&P confirmed the Philippines' strong economic and fiscal gains under President Benigno Aquino III. "Good governance is bringing structurally sustainable growth for the Philippines," he said. "The Philippine government will continue to focus on infrastructure development, on creating a larger fiscal space to support social investments, and on further opening up the economy." The Philippine economy expanded 6.6 per cent in 2012, making it one of the best performing economies in Asia. The government is targeting growth of as much as 7 per cent in 2013.
