S&P raises Philippines to investment grade

Second major agency to do so.

According to BBVA, S&P has become the second major agency to upgrade the Philippines’ to investment grade, following Fitch’s move in March.

S&P cited “a strengthening external profile, moderating inflation and declining reliance on foreign currency debt.”

The upgrade is expected to boost capital inflows, and the stock market rallied today by 0.3%, brining its rise to 22.0% year-to-date, second in the region only to Japan.

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