Philippines Hopes Better Credit Rating Will Draw Investors

The Philippines has shrugged off decades of financial woes to earn its first investment-grade credit rating from one of the world’s leading ratings agencies. Fitch Ratings cites the Aquino administration’s improved money management, pro-growth policies and plans to increase revenues through a new "sin tax".

Economists say it was only a matter of time before the Philippines would be given an investment-grade rating. They point to the stock market, which has consistently reached record levels for more than half a year, and the solid yield on treasury notes backed by flush reserves.