Philippine Bonds Decline Ahead of Debt Auction; Peso Weakens
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The Philippine peso weakened on speculation the central bank may reduce borrowing costs, while local-currency bonds fell ahead of a debt auction.
Monetary-policy easing in early 2012 is possible as inflation slows and the growth outlook deteriorates, central bank Governor Amando Tetangco said on Dec. 21. Bangko Sentral ng Pilipinas will review its benchmark interest rate on Jan. 19. The Bureau of the Treasury will offer 9 billion pesos of securities due August 2018 tomorrow.