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Philippine Bonds Gain as Inflation Holds Near 11-Month Low

Philippine seven-year bonds rose, with the yield dropping to a two-week low, as inflation held near the slowest level in 11 months in November. The peso gained.

Government notes rallied for a third straight day as official data showed consumer prices increased 3 percent, compared with a gain of 2.8 percent in October that was the least since November 2009.

“We are far away from any inflation worries,” said Rafael Algarra, treasurer at Security Bank Corp. in Manila. “We’re looking at the second half of next year” for an interest-rate increase, he said.

The yield on the 7 percent note due March 2017 dropped five basis points to 4.925 percent, the lowest level since Nov. 24, as of 2:13 p.m. in Manila, according to Tradition Financial Services.

“Our current assessment still shows that inflation would remain manageable during the policy horizon and that inflation expectations continue to be well-anchored,” Governor Amando Tetangco said after the release of the inflation data. The central bank has maintained its benchmark rate at 4 percent for more than a year.

The peso rose 0.5 percent, the most since Dec. 1, to 43.565 per dollar, according to prices from inter-dealer broker Tullett Prebon Plc.

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