The Philippine peso breached the 56-a-dollar-mark while local stocks rose Tuesday as investors continued to cheer the strong second-quarter profits of listed companies and await the Bangko Sentral ng Pilipinas policy decision on Aug. 15.
RIzal Commercial Banking Corp. chief economist Michael Ricafort said the peso moved up because of the strong second-quarter economic growth, robust bank loans, better corporate earnings and expected cut in interest rates in the second half of 2024. Remolona said in a public hearing at the Senate inflation rate would fall within 3 percent to 4 percent in 2024 and 2 percent to 4 percent in 2024.
He said the monetary policy, with overnight borrowing rate kept at 6.5 percent, also helped to tame inflation.
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