MANILA -- S&P Global's upgrade of the Philippines' credit rating is a "green light" for more investments in the country, the head of President Rodrigo Duterte's economic team said Wednesday.

The upgrade to one notch below the minimum "A" rating will allow the government and Filipino companies to borrow at lower interest, Finance Secretary Carlos Dominguez said.

"The upgrade is a green light to invest more in our fast-growing economy," he said, adding it was a "definitive win" for the government.

"More foreign direct investments means more jobs, increased productivity, higher incomes for our people," he said.

• S&P raises Philippines' credit rating, citing strong economy

At BBB+, S&P Global rates the Philippines above Italy and Portugal and one notch below Spain and Malaysia, he said.

Dominguez said the government would continue pursuing "game-changing" reforms, including the ongoing overhaul of the tax system.