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The main index of the Philippine Stock Exchange soared to a new high on May 3 — 7,200 — after debt watcher Standard & Poors upgraded the credit rating of the Philippines to investment grade level. The benchmark also hit a new intraday peak after the Philippines won its first investment grade on March 27 from another international debt watcher Fitch Ratings. The PSEi is one of the world’s best performing, with CNN counting the local index’s over 20% year-on-year hike as among the Top 5 in the world.
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