Malacanang hailed on Thursday the upgrade given by Standard & Poor's on the Philippine credit rating and a stable outlook.

In a statement, Presidential Spokesperson Salvador Panelo attributed the "BBB+" credit rating and stable outlook on the "splendid" job of President Rodrigo Duterte's economic team, with the help of Congress, and on the government's peace and order campaign.

"The economic team of the President has done a splendid job in putting the economic house in order and spearheading bold economic reforms, in cooperation with Congress, in bolstering the domestic economy, which is projected to become the world's top 25 economy," he said.

Among the reforms include tax reform, liberalization of the rice sector, strengthening of the Bangko Sentral ng Pilipinas’ charter, ease of doing business, relaxing the foreign investment negative list and modernizing infrastructure.

"The President understands that a thriving economy under an environment free from drugs, crime and corruption is essential to bring our people to a life which is comfortable and secure. His actions based on this belief have thus promoted our country's standing not just in peace and order but also in terms of our economy," said Panelo, also chief presidential legal counsel.

The latest S&P upgrade, he said has brought the Philippines step closer to bagging a single "A" grade.

"A higher credit rating means a borrower country is a creditworthy sovereign that can have access to a wider pool of funds. This is the highest credit rating upgrade in the economic history of the Philippines," Panelo said. Celerina Monte/DMS