Bank of the Philippine Islands, the nation’s third-largest lender by assets, fell to a three-week low in Manila stock trading after pricing a 25 billion peso ($559 million) rights offer at a 22 percent discount.
The Philippine peso fell to its lowest level in more than three months and bonds dropped after the Federal Reserve said it will start scaling back stimulus that supported demand for the nation’s assets.
Philippine five-year bonds fell this week after inflation accelerated to a nine-month high and the central bank said consumer prices will keep rising in the aftermath of the recent devastating typhoon.
The Philippine peso fell for a fourth day, touching the lowest level in more than two months on speculation the U.S. will scale back stimulus that’s boosted emerging markets. Government bonds weakened.