Amando Tetangco News
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Asian currencies had a third weekly loss on concern the Federal Reserve will scale back stimulus that has spurred fund flows to emerging markets.
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The Philippine peso was headed for its biggest weekly loss in nine months on speculation an improving U.S. economy will prompt the Federal Reserve to rein in monetary stimulus. Bonds and stocks declined.
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The Philippine central bank will further limit access to special deposit accounts, stepping up efforts to curb inflows and reduce costs of managing liquidity.
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Philippine Finance Secretary Cesar Purisima said he is unconcerned that Japan is letting the yen tumble, setting him apart from other Asian policy makers who argue the currency’s slide is hurting their economies.
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The Philippines may further limit property loans to prevent a housing bubble as it uses lower interest rates rather than capital controls to deter inflows.
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The Philippine central bank is considering adjustments to its so-called special deposit accounts, signaling it may limit access to the facility to cut costs and enhance its scope to cool currency gains.
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The Philippine peso posted its biggest gain in almost two weeks and government bond yields fell after the nation won an investment-grade rating from Standard & Poor’s.
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Philippine stocks surged to a record as the peso and bonds extended gains after the nation won its second investment-grade debt rating.
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The Philippines is focused on containing speculative inflows that threaten to create potential asset-price bubbles, and the central bank said it has participated in the currency market to restrain the peso.
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Philippine bonds rose, pushing the three-year yield to a two-week low, on speculation the central bank will reduce the interest rate on its special-deposit accounts. The peso strengthened.
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