The National Economic and Development Authority (NEDA) welcomes the recent credit rating upgrade of Rating and Investment Information, Inc. (R&I) for the Philippines.

“The credit rating upgrade for the Philippines by R&I will enhance the country’s investment climate and creditworthiness. Wider fiscal space enables the country not only to spend more on infrastructure but also invest in ‘suprastructure’—quality education and Science & Technology Innovation ecosystem required for the Philippines to become a globally competitive knowledge economy.” NEDA Secretary Ernesto M. Pernia said.

R&I has upgraded the country’s credit rating by a notch to “BBB+” from “BBB”. R&I also assigned a “stable” outlook to its rating on the Philippines.