Credit watchers affirm Phl's investment grade

Debt watchers Moody's and Fitch Ratings have affirmed the country's investment grade status despite the issues surrounding alleged flood control corruption in the Department of Public Works and Highways (DPWH), according to the Department of Budget and Management (DBM).

- MARCO LUIS BEECH

Explaining that Fitch recognized the positive side of the investigation, Budget Undersecretary Joselito Basilio said that the credit rating agency viewed the resilience of the country's internal and domestic economy, noting that the recent developments are expected to improve existing systems.

"They asked a lot of questions, but they know that this will only improve the processes and they did not mention any impact on growth," Basilio told reporters.