Fitch Ratings Inc., a global rating agency and one of the three nationally recognized statistical organizations designated by United States Securities and Exchange Commission, has continued  to maintain an investment grade rating of ‘BBB-’ for the Philippines.

The global debt watcher point to two main factors for the high rating: first is the continuous inflow of OFW worker’s remittances, and the second, the unabated growth of the business process outsourcing (BPO) industry and the presence of BPO companies, which has been instrumental in boosting the country’s robust economic outlook.

Fitch Ratings further estimate economic growth to increase to 6.3 percent this year, but slightly dip to 6.2 in 2016. In 2014, the Philippine economy accelerated to 6.1, which is below the government’s projected 6.5 to 7.5 rating, but still the second fastest in Asia last year.

According to the rating agency, “External finances (is) a key credit strength. Sustained current account surpluses since 2003 have supported the build-up in FX (foreign exchange) reserves and turned the country into a net external creditor.”

However, Fitch points out that a few factors are not at par compared to peers rated ‘BBB’. The government’s underspending has kept fiscal deficits low at 15.1 percent of the GDP, which is below the median 28.6 percent of other countries. Government standards have strengthened during the Aquino administration, but remain weak compared to the World Bank Political stability metrics. The state of “The Philippines’ per capital income was low at $2,836 in 2014 compared with the ‘BBB’ median of $10,654.”

Nevertheless, Fitch mentioned that credit growth remains strong, and that “authorities have stepped up their monitoring of risks around the real-estate sector.” They also said that a credit upgrade may even be in the offing provided that improvements are made and implemented in governance standards, which will lead to more investments.

Finance Secretary Cesar Purisima agrees, saying, “Consistently robust growth and macroeconomic fundamentals built over the past four years affirm that the Philippine economic story is defined by sustainability, stability, and resiliency. Looking ahead, we expect credit ratings to further improve as the country continues to register even better fundamentals on the back of expanded fiscal space and continued governance reforms.”