Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Philippine Peso Gains for an Eighth Day on Reserves; Bonds Drop

July 7 (Bloomberg) -- The Philippine peso rose for an eighth day, its longest winning streak since January, after the central bank said the nation’s international reserves may increase.

Foreign-currency holdings may exceed $70 billion this year, Bangko Sentral ng Pilipinas Governor Amando Tetangco said yesterday. The reserves were at a record $69 billion at the end of June, according to official data today.

“Risk appetite has subsided but people are becoming picky on which currency to buy,” said Rafael Algarra, a treasurer at Security Bank Corp. in Manila. “Philippine growth prospects are good and higher reserves are boosting our macro fundamentals.”

The peso rose 0.1 percent to 42.880 per dollar at the 4 p.m. close in Manila, according to Tullett Prebon Plc. It touched 42.790 earlier, the strongest level since May 3.

Benchmark five-year bonds dropped. The yield on the 7 percent notes due January 2016 rose one basis point, or 0.01 percentage point, to 4.72 percent, according to Tradition Financial Services.

To contact the reporter for this story: Karl Lester M. Yap in Manila at kyap5@bloomberg.net.

To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.