A first in history: PH gets investment grade

AFP News/Noel Celis - General view shows of Makati financial district of Manila, pictured at night on January 19, 2010. The Philippines makes its biggest bet this weekend in a high-stakes bid to join the world's elite gaming destinations, with the launch of a $1.2-billion casino on Manila Bay 

The Philippines bagged a landmark vote of confidence as global debt watcher Fitch raised the country's credit rating to investment grade Wednesday.

For the first time in history, the Philippines is deemed as an econmy where it is safe for global investors to pour in capital.

Fitch Ratings said the country's long-term foreign-currency issuer default rating (IDR) is now up to BBB- from BB+. The long-term local-currency IDR has likewise been raised to BBB from BBB-.

An investment grade is seen to lower the Philippines' borrowing cost, thereby increasing opportunities for the government to save.

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By Kim Arveen Patria | Yahoo! Southeast Asia Newsroom – Wed, Mar 27, 2013