ECONOMIC recovery in emerging markets—led by the manufacturing and services sectors—is moving from strength to strength as indicated by the rise in HSBC’s Emerging Markets Index (EMI), and the British banking giant believes it is well-positioned to take advantage of this growth momentum.

The overall output index rose to 56.1 percent in the final quarter of 2009, the highest level in two years, from 55.3 percent in the third quarter and 43.8 percent a year ago. A reading above 50 percent indicates growth, while a figure below 50 represents a contraction.

PHILIPPINE Rating Services Corp. has upgraded both the issue and issuer credit ratings of the Bank of Commerce (BancoCommerce). The ratings agency, also known as PhilRatings, cited the bank’s improved capital position and the support expected from controlling shareholder, diversifying conglomerate San Miguel Corp. (SMC).

The rating for Bancommerce’s outstanding P1.5-billion unsecured subordinated debt has been raised to “PRS Aa minus” from “PRS A plus,” the agency said in a statement.

THE peso finished firmer in a volatile trading on Tuesday, with demand for the US dollar weakening later in the day on speculation about a possible rescue for Greece. This, as European officials are meeting this week and are likely to tackle the country’s budget-deficit problems.