Corruption obstructs Philippines investment grade rating.

The article reports on analysts' claim that the Philippines is unlikely to gain further ratings upgrades to reach investment grade. According to some market analysts, the country should improve its tax collection system and eliminate corruption. Standard & Poor's upgraded the country's sovereign long-term foreign currency rating on July 4, 2012 to BB+, but it is still one level below investment grade. The nation's 10-year bond yields declined by 16.8 basis points in the first week of July.