The Philippines basked in good economic news this year, earning a reputation as a “bright spot” amid a gloomy global scenario. The country’s gross domestic product (GDP), the primary measure of economic performance, continued to grow faster than last year. The world couldn’t help but notice.
It was this year that the Philippines bagged its first investment grade rating from a major global debt watcher. Fitch Ratings in March gave the country its long-awaited credit rating upgrade. It was followed by an investment grade rating from Standard & Poor’s in May and from Moody’s in October.
The Philippines also outpaced neighbors in several global rankings. It became the fastest-growing among the ASEAN 5 economies, led the region in terms of improving competitiveness and was named among the “hottest stock markets.” The challenge, it now seems, is sustaining this performance until 2014.