MANILA - Former President Benigno Aquino III ushered the Philippine economy to investment-grade status through his good governance, the Philippine Stock Exchange said Thursday.
The country earned its first investment grade from Fitch Ratings in 2013, 3 years into Noynoy's term, the PSE said in a statement.
"The PSE Board and Management extend their condolences to the Aquino family. The Philippine stock market recorded several milestones during the term of President Aquino as his policies transformed the Philippines from a high credit risk to an investment grade rating country starting in 2013," the statement said.
Gross domestic product grew at an average of over 6 percent during Aquino's tenure.
The Philippines has retained its investment-grade ratings to this day, defying the global downgrade trend caused by the COVID-19 pandemic.