The idea was that the --so he set up Moody's Rating Agency and the job of Moody's was to give letter grades to securities; it was a little bit like a bank, but it was different because he didn't actually make the loans.
Even without an investment-grade rating, the Philippines had attracted sufficient quantities of foreign investment to set off an appreciation of the peso, to roughly 40 pesos to the U.S. dollar this year from between 43 and 44 pesos to the dollar in 2011.
