National Economy
The Philippine economy in 2014 benefited from three strong and important positive continuities from 2013 and years before: strong GDP growth, a stable macroeconomic situation and the introduction of new significant economic reforms. In 2013, intemational and regional credit rating agencies recognized these benefits so at odds with the historically-based expectations of Philippine economic performance and elevated the credit rating for the Philippines to investment grade. In 2014, these same firms raised the Philippine rating one notch higher. The more upbeat even expressed the belief that the present economic reform and macroeconomic management momentum is so strong and institutionalized that it will endure whoever becomes president in 2016. Praise for the Aquino administration's economic policy record was not limited to the risk raters of sovereign debt. The 2014 World Economic Forum Global Competitiveness Report, using 2013 statistics, rated the Philippines the most improved country overall among 144, moving seven places from 59th in 2013 to 52nd Transparency International's 2014 corruption Perception Index also delivered good news with the Philippines improving from 94th place in 2013(and 105th in 2012 to 85th place in 2014.