Yesterday, Fitch Ratings upgraded the credit rating of the Philippines to "investment grade," from "BB+" to "BBB-".
How did we react to the news? First, by giving each other virtual pats-on-the-backs and high fives.
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| Good job |
But what does the credit rating upgrade really mean for the ordinary Filipino? The Rappler sums it up pretty nicely with this infographic.
One thing we have to watch out for is how fast banks and other financial institutions will adjust interest rates on consumer and household debt. If memory serves me right, they're too slow.
So yeah, the upgrade tells us that there are plenty of reasons to be excited and optimistic. We just have to try to be not too excited and optimistic.