Fitch upgrades Philippines

Fitch Ratings said it upgraded the Philippines' long-term foreign-currency issuer default rating to BBB from BBB-.

The outlook is stable.

The upgrades reflect the country's strong and consistent macroeconomic performance, underpinned by sound policies that are supporting high and sustainable growth rates, Fitch said.

Investor sentiment also has remained strong, which is evident from solid domestic demand and inflows of foreign direct investment, the agency said.

As such, there is no evidence so far that incidents of violence associated with the administration's campaign against the illegal drug trade have undermined investor confidence, Fitch added.

Over the medium term, the agency said it expects higher infrastructure spending under the government's public investment program to support continued robust growth.

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