Philippine Peso Halts Two-Day Loss as Stocks Rally Toward Record
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The Philippine peso gained for the first time in three days as stocks rallied toward a record reached last week, while the central bank reiterated it may take more measures to cap inflows.
The Philippine Stock Exchange Composite Index rose 1.1 percent to 6,711.72, 0.2 percent short of the all-time high of March 1. Bangko Sentral ng Pilipinas Governor Amando Tetangco said yesterday that a cut in interest rates on its special-deposit accounts cannot be ruled out as it seeks to “encourage outflows,” and signaled he may loosen rules on foreign exchange. Inflation is manageable, he said today.