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.
The Philippine peso dropped the most since 2010 on speculation an improving U.S. economy will prompt the Federal Reserve to scale back asset purchases that have spurred fund flows into emerging markets. Bonds and stocks fell.
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.
Philippine stocks rose to a record after it beat Indonesia to win an investment grade from Standard & Poor’s, as President Benigno Aquino outshines Susilo Bambang Yudhoyono in improving government finances and spurring growth.