Friday, 25 February 2011

PHILIPPINES: Philippine Peso Gains on Speculation Drop Overdone; Bonds Fall

The Philippine peso rose for the first time in three days as some investors took advantage of declines triggered by unrest in the Middle East to buy the currency. Government bonds fell.
The peso has retreated 0.5 percent since Feb. 18 following a 1.1 percent weekly advance that marked it’s best performance in five months. Today’s rebound was modest because of concern instability in countries including Libya, Egypt and Bahrain will drive up the cost of crude oil imported by the Philippines and curb remittances from Filipinos living in the region, according to Marcelo Ayes, a Manila-based senior vice president at Rizal Commercial Banking Corp.

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