Rating and Investment Information Inc, a debt watcher from Japan, recently upgraded the Philippines' credit outlook from "stable" to "positive" due to progressive changes in the country's fundamentals.

In an a statement released by the R&I last Friday, the Philippines' foreign currency issuer rating was affirmed at rating of BBB-, while the country's foreign currency short-term debt rating was affirmed at rating of -2.

According to an online reference by the Rating and Investment Information, the country's new issuer rating of BBB- means that the Philippines' creditworthiness is adequate but requires attention in times of major changes in the economy. Meanwhile, a -2 short-term debt rating signifies that there is a high probability of the country paying short-term obligations.

"The economy of Republic of the Philippines has started to show strong growth thanks to continued robust consumption driven by remittances from Overseas Filipino Workers (OFW), coupled with expansions in public investment and exports," said the Japanese debt watcher.