Philippine Peso Has Worst Week Since 2010 on Fed; Bonds Decline
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The Philippine peso posted its worst weekly loss in more than two years on speculation U.S. policy makers will trim monetary stimulus that fueled capital inflows.
The Federal Reserve may cut its monthly bond purchases to $65 billion in September and stop buying in June 2014, according to estimates by economists in a Bloomberg survey, after Chairman Ben S. Bernanke signaled the start of tapering this year if the economy improves in line with projections. The yield on the Philippines five-year bonds rose the most in more than two years after Treasurer Rosalia de Leon said yesterday she’s in talks with six banks on a plan to sell peso debt to individuals.