FITCH Ratings raised its outlook for the Philippines from stable to positive, indicating that the country’s “BBB” investment-grade credit rating is one step closer to being upgraded.

In a statement on Tuesday, the international credit ratings agency said the upward revision reflected its “expectations of [the country’s] continued adherence to a sound macroeconomic policy framework that will support high growth rates with moderate inflation, progress on fiscal reforms that should keep government debt within manageable levels and continued resilience in its external finances.”