Tuwid na Daan is truly the path to progress and tangible improvements in our economic life. Today, Standard and Poor’s upgraded the Philippines from BB+ to an Investment Grade rating of BBB-. This comes at the heels of the earlier pronouncement of Fitch Ratings that already upgraded the Philippines to investment grade. The news spread quickly among ordinary people who took ownership of the good news, which is a sign of how good news and optimism are truly contagious, contributing to positive national mood and the can-do, increasingly empowered attitude of the nation.

We welcome the upgrade, not just as the latest institutional affirmation of the Aquino administration’s good governance initiatives: it also helps enable lower costs for borrowing, which equals lower costs for hospitals, schools, and other vital structural improvements for the benefit of our people.  It is further indicative of sustained confidence in the Philippine economy:  of our collective resilience, optimism, and growing potential, amidst global economic uncertainty, borne not just on the shoulders of discipline and prudence that has marked the economic policies of the Aquino administration, but also on the hard work and dedication of the Filipino people.  Truly, kayo ang gumawa nito.

Credit Ratings Graph (1997-2013)