Posted at 03/27/2013 2:44 PM | Updated as of 03/27/2013 9:30 PM
MANILA (2ND UPDATE) -- The Philippines got its first long-coveted investment-grade rating on Wednesday, as Fitch Ratings gave the country a 'BBB-' with a stable outlook.
An investment grade status opens up the country to more investments that can lead to additional jobs and funds for infrastructure, and help create sustainable economic growth.
"The Philippine economy has been resilient, expanding 6.6% in 2012 amid a weak global economic backdrop. Strong domestic demand drove this outturn," Fitch said in a statement. (For the full statement, click here.)
