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Philippine Bonds, Peso Advance on Inflation, Growth Prospects

Philippine bonds and the peso gained after the central bank said inflation will remain under control, withstanding any impact from monsoon rains that caused flooding in Manila this week.

The currency climbed before data tomorrow that economists predict will show exports rose for a third month in June. The government will ensure stable prices after parts of the capital were inundated, and inflation will still stay within the central bank’s 3 percent to 5 percent target range, Deputy Governor Diwa Guinigundo said yesterday. Policy makers aim to keep price gains in the band from 2012 through 2014.

“Inflation is still under control and any uptick won’t shock the market,” said Jan Briace Santos, a fixed-income trader who helps manage the equivalent of $17 billion at BPI Asset Management Inc. in Manila. “Foreign portfolio managers are starting to buy local government securities. Sustained growth in exports will also mean we’ll continue to see better gross domestic product figures.”

The yield on the Philippine government’s 5 percent bonds due August 2018 fell 10 basis points, 0.1 percentage point, to 4.6 percent as of 4:36 p.m. in Manila, according to Tradition Financial Services.

The peso rose 0.1 percent to 41.762 per dollar, prices from Tullett Prebon Plc show. One-month implied volatility, a measure of exchange-rate swings used to price options, was unchanged at 6 percent for a sixth day.

Michael Spencer, the Hong Kong-based chief economist for Asia at Deutsche Bank AG, said in a Bloomberg TV interview today that the Philippines is the strongest performing economy in Asia. The $225 billion economy expanded 6.4 percent in the first quarter, the fastest pace since 2010.

The inflation rate climbed to a six-month high of 3.2 percent in July, data showed yesterday.

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