1.   Anticipation of robust earnings for Philippine companies this year sparked a rally on the Manila market yesterday.

2.   As import growth slows, Philippine companies need to sell fewer pesos to generate dollars to pay for foreign products.

3.   A depreciating peso would mean higher debt payments for Philippine companies that have borrowed abroad.

4.   A weaker peso would mean higher debt payments for Philippine companies that have borrowed abroad.

5.   Establishing a benchmark will make it easier for Philippine companies to access long-term capital from U.S. savers.

6.   Filinvest is among several Philippine companies raising capital, often from foreign investors, to plough into expansion projects.

7.   Increased volatility would discourage Philippine companies from borrowing in dollars.

8.   It also would have made it easier for Philippine companies to price and market their own debt.

9.   It was the biggest initial share sale among six Philippine companies that have gone public this year.

10.   One more upgrade would make it cheaper for Philippine companies and institutions to borrow in international capital markets.