Philippine shares climbed past 7,300 points to near record highs at the start of the trading week as the sluggards tried to catch some of the remaining momentum from last week’s advance driven by a spate of good news.
Last Tuesday the South Korea-based National Information and Credit Evaluation (NICE) Ratings Inc. announced it has upgraded the Philippines’ long-term foreign currency rating by a notch to the minimum investment grade of BBB-. The following day, the World Economic Forum (WEF) said the Philippines had climbed seven notches to the 52nd spot out of 144 economies in the WEF Global Competitiveness Index for 2014-2015.
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