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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.
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The Philippines held its benchmark interest rate and refrained from adding to cuts on its special deposit accounts as Southeast Asia battles capital outflows that have pummeled stocks and currencies.
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Philippine stocks slumped, heading for the biggest loss since September 2011, after the nation’s unemployment rate climbed to a three-year high and exports contracted more than expected.
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The Philippines and Indonesia will probably refrain from monetary tightening to protect their economies from a regional growth slowdown that’s sparked capital outflows and driven down stocks and currencies.
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Philippine stocks advanced after an 11 percent slump from a record high drove valuations to the lowest level since February.
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Philippines President Benigno Aquino ordered an investigation into an explosion at an Ayala Land Inc. apartment in Manila that caused three deaths.
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Philippine billionaire Henry Sy will merge property units and assets under SM Prime Holdings Inc. this year that will create the country’s biggest developer with at least $14 billion in market capitalization.
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Philippine stocks fell to a two-month low after bond yields jumped and concern grew that shares were expensive as valuations outpaced Asian rivals.
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Emerging-market stocks fell, dragging the benchmark index toward its biggest monthly loss in a year. Philippine equities tumbled the most in 20 months and South Africa’s rand traded weaker than 10 per dollar for the first time since March 2009.
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Philippine stocks sank the most since September 2011 as concern valuations are excessive overshadowed government data showing the economy grew in the first quarter at the fastest pace in three years.
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