Philippine National Bank News
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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 fell for a second day and 10-year bonds rose on speculation the central bank will cut the interest rate it pays on its special-deposit accounts this week.
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The Philippine peso fell, halting a three-day advance, while government bonds and stocks rose on speculation the central bank will cut the interest rate on its special deposit accounts for a third time this year.
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LT Group Inc., the company controlled by Philippine billionaire Lucio Tan, plans to raise as much as 32.8 billion pesos ($794 million) in a share sale that could be the nation’s largest in nearly a year.
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The Philippine peso fell to its weakest level this year on speculation the central bank will implement more measures to curb capital inflows. Seven-year government bonds advanced.
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Philippine stocks fell for a seventh day, sending the benchmark index towards its longest losing streak since November 2011.
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Ayala Corp., the largest builder in the Philippines, plans to expand further in Southeast Asia after winning water deals in Vietnam and Indonesia, Chairman Jaime Augusto Zobel de Ayala said.
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Philippine 25-year bonds rose, pushing the yield to the lowest level in more than a decade, after the central bank signaled it may further cut interest rates on special-deposit accounts.
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Philippine three-year bonds gained, pushing the yield to the lowest level in more than a decade, on speculation investors are switching to fixed-income securities on odds for a cut in interest rates on central bank deposits.
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Philippine National Bank said it is not in talks with investors seeking to buy the company and plans to acquire smaller rivals once it completes the takeover of Allied Banking Corp.
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