Guillermo
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Philippine bonds advance - 2006/10/30 15:17
Philippine five-year bonds rose for a third day on optimism slowing inflation will enable the central bank to lower interest rates by the end of the first quarter.
The yield, which moves inversely to price, reached the lowest since the bond was sold on Oct. 17. The central bank is predicting inflation will ease in October to the least in two years after sixth months of falling prices.
Consumer prices rose 5.7% in September, bringing the average to 6.8%. The central bank expects inflation in October to drop to as low as 5%, the lowest in more than two years. Inflation may average below 6.8% this year, Central bank Governor Amando Tetangco said on Oct. 26.
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