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Philippine Peso Forwards Complete Weekly Gain on Growth Outlook

Philippine peso forwards completed a weekly gain as the Southeast Asian economy’s growth outlook improved and the Federal Reserve damped speculation a reduction in stimulus was imminent. Bonds advanced.

The International Monetary Fund raised its 2013 growth forecast for the Philippines to 7 percent from 6 percent on July 10. The lender’s resident representative Shanaka Jayanath Peiris said remittances from Filipinos working overseas and outsourcing revenues will keep the nation’s current account in surplus this year. Federal Reserve Chairman Ben S. Bernanke said this week the U.S. needs a “highly accommodative monetary policy” for the foreseeable future.