“We thank S&P for recognizing the continued improvement of the country’s fundamentals. With this action, we are now only half a step towards formally gaining investment grade, which the market has already given us by rating the Philippines at least two notches above investment grade. This outlook upgrade is another example that good governance is good economics.

“With a President committed to transformational change, the unprecedented events of 2012 – Sin Tax Reform, Responsible Parenthood and Reproductive Health, Bangsamoro Framework Agreement for Peace, FTI Privatization, successive PPP launches, record GDP growth, an stable environment of high growth, low inflation and low interest rates – serve only to reinforce our message that the Philippines is truly gaining legitimacy to offer lasting structural change and that the Philippines is open for business under new management.

“By focusing on the fiscal and macroeconomic stability of the country, reducing the infrastructure gap, and making doing business in the Philippines even more fun, we are confident that we will attain investment grade sooner rather than later.”