MANILA, Philippines - The Philippines on Thursday received a further credit ratings upgrade from Standard & Poor's.
The Philippines' long-term sovereign credit rating was upgraded to "BBB" with a stable outlook from "BBB-". The credit rating agency granted the Philippines investment grade rating in May 2013.
"We expect ongoing reforms on a broad range of structural, administrative, institutional, and governance issues to endure beyond the term of the current administration," S&P said in a statement.
S&P expressed optimism that the Philippines' gains in revenue generation, spending efficiency and improvements in public debt profile and investment environment will be continued by the next administration.
S&P said the Philippines' strong external liquidity and international investment position, coupled with an effective monetary policy framework, supported the credit rating upgrade.
BSP Governor Amando Tetangco Jr. welcomed S&P's move. "This is a major feat as S&P did a straight upgrade. They no longer assigned a positive outlook before upgrading the rating," he said in a statement.
Finance Secretary Cesar Purisima said the move showed S&P has "recognized the Philippines' remarkable economic comeback."
"This is further proof of President Aquino's belief that good governance is good economics," he said.
The Philippines has sustained strong economic growth in 2013, despite several natural calamities. Gross domestic product grew 7.2 percent in 2013, one of the highest growth rates in the region.
"This rating upgrade is also a recognition that the structural reforms that we have put in place continue to gain traction, as demonstrated by the significant improvements in the country's position in international governance and competitiveness surveys," Tetangco said.