While the ongoing economic woes in Cyprus has somehow affected the global economy, the Philippines on the other hand, won its first ever investment grade debt rating from global credit rating firm Fitch. The firm also added that the Philippine economy has a stable outlook and cited a robust economy and improved fiscal management. And because of the upgrade, it gives the country a vote of confidence when it comes to credit rating. Some reports said that it marks the first time the Philippines joins the A-lister countries considered safe to invest.
Despite the weak economic backdrop yet the Philippine economy is still capable of withstanding the global economic crisis. It is one of the reasons why the sovereign credit rating was upgraded to BBB- from BB+. And one of the cause is due to the remittances of the OFW’s which accounted for 12% of the country’s GDP and 8% of the Philippine economy in 2012 alone.
I believe that those numbers are significant enough to make the Philippine economy stay afloat despite the global economic crisis but those who contributed to the economy’s flotation has given less importance by the government and sometimes being neglected. In fact, there are so many OFWs who are suffering especially in the Middle East. The so called modern era heroes are deprived of the benefits that are suppose to be from them.
NB: Image from wikimedia commons.