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Philippines: Monetary policy ineffective vs supply-driven inflation — NEDA

MANILA, Philippines — An aggressive monetary policy could prevent second-round effects of rising inflation,  but would have little impact on nipping the source of domestic inflationary pressure, the National Economic and Development Authority (NEDA) said yesterday. Socioeconomic Planning Secretary and NEDA Ernesto Pernia said rising inflation is primarily caused by issues in the supply side […]

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Philippines: Trade deficit further widens in June 2018

As Exports Fall For 6th Straight Month MANILA, Philippines — The country’s trade deficit more than doubled in June as exports continued to decline and imports grew steeply, the Philippine Statistics Authority (PSA) reported yesterday. Total external trade in goods reached $14.75 billion in June, a 13.5 percent growth from $12.99 billion recorded in the same month in 2017. The PSA said total exports fell for the sixth straight […]

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Philippines: High inflation tames stock trades

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) plunged by 91.46 points, or 1.17 percent, as the government reported yesterday a continued rapid increase in inflation. The broader All Shares gauge was likewise in the red, shedding 24.85 points, or 0.53 percent, to finish at 4,635.59. The sectoral indices likewise took a beating […]

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Philippines: Peso retracts to 53:$1 level

MANILA, Philippines — The peso rally lost steam yesterday after momentarily breaking the 52 to $1 resistance level as inflation quickened for the seventh straight month to hit a fresh five-year high of 5.7 percent in July from 5.6 percent in June. The local currency lost 15 centavos to close at 53 to $1 from Monday’s 52.85 […]

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Philippines: Peso regains strength, closes at 52.85:$1

MANILA, Philippines — The peso gained 30 centavos yesterday to break the 53 to $1 level, ahead of the much anticipated third rate hike by the Bangko Sentral ng Pilipinas (BSP) on Thursday to curb rising inflationary pressures. The local currency closed at 52.85 yesterday from Friday’s 53.15, opening stronger at 51.1 and hitting an […]

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