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.
Emerging-market stocks tumbled the most in 10 months and currencies depreciated as disappointing Chinese manufacturing data and speculation the Federal Reserve will scale back stimulus cut demand for riskier assets.
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 Stock Exchange President Hans Sicat, who has been elected for a third term, said the bourse will focus in the next 12 months on introducing new products to boost trading in one of Asia’s smallest markets.