Shorter-maturity Philippine bonds look increasingly favorable relative to longer-dated ones, aided by the central bank’s pivot to an easing stance, which will also boost lending in the economy. Know more:
Shorter-maturity Philippine bonds look increasingly favorable relative to longer-dated ones, aided by the central bank’s pivot to an easing stance, which will also boost lending in the economy.
“The reserve requirement ratio [RRR] cut increases demand for short-term government securities” as institutions would optimize returns on excess peso funds effectively infused into the financial system, said Michael Ricafort, chief economist at Rizal Commercial Banking Corp. in Manila. Philippine authorities signaled the central bank would consider cutting rates in the first quarter of 2024, or if inflation comes in below 4 percent for two months. Rate cuts are expected to begin in that period, according to the median estimate of economists surveyed by Bloomberg. Some money managers though speculate easing may begin as early as the fourth quarter as gross domestic product may undershoot government estimates of above 6-percent growth.
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