The Philippine peso fell to a one-year year and bonds declined after US data spurred speculation the Federal Reserve will rein in monetary stimulus that has bolstered demand for emerging-market assets.
The yield on Philippine bonds due 2037 was near a four- month high after US payrolls rose 175,000 in May, exceeding the median forecast in a Bloomberg survey for a gain of 163,000, official data showed on June 7. The US jobless rate rose to 7.6 per cent last month. Federal Reserve Chairman Ben S Bernanke said in May that the central bank's US$85 billion of monthly bond purchases may be scaled back if the US employment outlook shows sustainable improvement.
"All eyes are focused on what the Fed's going to do," said Jan Briace Santos, a fixed-income trader who helps manage the equivalent of $18bn at BPI Asset Management Inc in Manila. The US data supported "the belief that the US is on its way to a recovery," he said.
The peso dropped 1.2 per cent, the most this month, to 42.785 per dollar in Manila, the weakest level since June 13, 2012, according to prices from Tullett Prebon. The currency has lost 4 per cent this year.
The yield on the 6.125 per cent government bonds due November 2037 advanced five basis points, or 0.05 percentage point, to 4.90 per cent, according to prices from Tradition Financial Services. The rate reached 5 per cent on June 7, the highest level since Feb. 11.
Overseas funds sold $200 million more Philippine stocks than they bought last week, reducing net purchases for the year to $1.54bn, exchange data show.
* Bloomberg News
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
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The%20specs%3A%202024%20Mercedes%20E200
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Best Foreign Language Film nominees
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