Philippine stocks ended the week in the red as the Financial Times Stock Exchange rebalancing took effect.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the continued and consistent growth in OFW remittances would help the families of overseas workers cope up with higher prices and higher interest rates. The region-wide gains built on a surge in New York and Europe fueled by healthy readings on the US consumer sector and indications from the European Central Bank that it may have reached the end of its interest rate hiking cycle.
They also came a day after the People’s Bank of China announced a cut in the amount of cash lenders must hold in reserve, a decision aimed at freeing up cash for loans that can juice business activity. “However, it’s essential to exercise caution, as it’s still early in this process, and a single month of positive data isn’t sufficient to confirm a sustained path to recovery.”
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