MANILA: The Philippine Economic Zone Authority (PEZA) on Thursday welcomed the country's credit rating upgrade by Japan's Rating and Investment Information Inc. (R and I). In a statement, the PEZA said the A- with stable outlook rating given by R and I is a testament that the Philippines remains a top destination for foreign investors with the country's consistent high economic growth, strong fiscal position, and rosy economic outlook. 'Following the strategic investment generation and FDI (foreign direct investment) collaboration plans of our government spearheaded by President Ferdinand R. Marcos Jr., PEZA remains bullish in enhancing and strengthening our efforts even more to secure partnerships from a large number of investors in different industries for the continuous boost in the Philippines' economic growth and progress," PEZA Director General Tereso Panga said. On Wednesday, Tokyo-based R and I raised the country's credit rating from a BBB+ with a positive outlook to A- with stable outlook, noting that the country has demonstrated strong gross domestic product growth in Southeast Asia. This is now the country's second A- rating from Japanese debt watchers. Credit ratings are vital for investors as they provide an insight about the risk associated with investing in a particular entity's debt. Source: Philippines News Agency