Philippines Markets: 9 November 2010

09 November 2010

USD/PhP: 43.37 PSEi: 4266.45 - 29.17
USD/JPY: 80.80 PFINC: 1016.12 - 2.21
EUR/USD: 1.3845 BDO: 61.20 + 0.20
GBP/USD: 1.6102 BPI: 60.00 - 0.95
PDSTF3M: 3.5915 MBT: 79.55 + 0.85
Prices as of 4:00pm Source: Bloomberg, Reuters


Philippines Plans to Cut Foreign Debt to 20% of GDP in a Year

The Philippines plans to cut the ratio of its foreign-denominated debt to 20 percent of gross domestic product in the next 12 months from the current 34 percent, Finance Secretary Cesar Purisima said today.


Philippines Watching Peso Closely, Not Likely to Raise Rates

The Philippines isn’t likely to raise interest rates while inflation is tame and so as not to further boost the peso, Finance Secretary Cesar Purisima told reporters. The government is watching the peso closely and plans to borrow more from the local market and seek opportunities to pay debt ahead of schedule to help curb gains, Purisima said. The economy will likely grow more than 6 percent this year, he said.

Source: www.bloomberg.com