Ratings upgrade welcomed by BPO sector

Credit watcher Fitch Ratings has upgraded the standing of the Philippines from the previous BBB- rating to BBB, expressing a stable outlook. The upgrade has been received positively by the business community, especially in the business process outsourcing sector. Cebu IT/BPO Organization managing director Wilfredo Sa-a Jr said the upgrade shows that the Philippines is moving towards better times ahead. Melanie Ng, president of the Cebu Chamber of Commerce and Industry, also expressed optimism about the the business environment and will greatly increase the country’s investor attractiveness and, consequently boost FDIs coming in to the country.