According to credit rating agency Moody’s Investor Service, the developments in the economic environment of the Philippines during the first six months of 2013 are "credit positive". The organization recently dubbed the country as "one of the world’s fastest growing economies" and "Asia’s rising star".
Moody’s is one of the top three credit rating firms in the world, together with Fitch and Standard & Poor’s which have already given the country investment grade ratings. Moreover, Moody’s upgraded the country’s rating from Ba2 to Ba1 due to stronger performance of the local economy. However, the rating is still below investment grade.
After the global recession few years back, the Philippines is one of the few that received an investment rating upgrade in 2012.
Christian de Guzman, Vice-president and Senior Analyst for the Sovereign Risk Group at Moody’s, recently said the bullish economy of the Philippines, positive financial position, and the recent elections are all credit positive for the country.
The first-quarter GDP increased 7.8 percent year-on-year due to fixed capital movement and private consumption. Furthermore, the government cited the fiscal results for April, which produced a surplus of P36.8 billion, and is said to be the highest surplus on record.