The Philippines’ benchmark stock index sank to a three-month low and bonds fell on concern inflation will accelerate after regulators allowed the nation’s biggest power supplier to increase prices by a record. The peso weakened.
Ayala Land Inc., the biggest Philippine developer, said it will be difficult to meet the Nov. 4 bid deadline for a Manila reclamation project after its request to extend the cut-off date by two months was rejected.
Ayala Land Inc., the Philippines’ largest builder, plans to buy properties in the capital and nearby provinces to expand its land portfolio and meet its goal of increasing profit to 10 billion pesos ($241 million) by 2014.
Ayala Land Inc. said it may sell bonds due in 25 years, the longest maturity for any Philippine corporate debt, as the nation’s largest builder seeks to raise 21 billion pesos ($486 million) to help fund expansion.