Rizal Bank Buys Philippine Developers Shares on Rate Outlook
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The Philippines’s fourth-biggest lender is buying shares of the nation’s real-estate developers as the central bank may lower interest rates further to boost economic growth.
“The current interest-rate environment is quite favorable for the property sector,” Rico Gomez, who helps manage $1.53 billion at Manila-based Rizal Commercial Banking Corp., said in a phone interview yesterday. “As long as overall market sentiment doesn’t deteriorate, we will see further gains.”