The local stock market extended its winning streak Wednesday on expectation of higher third-quarter gross domestic product growth.
Limlingan said the market expected the third-quarter GDP to rebound strongly from 4.3 percent expansion in the previous quarter. The Philippines Statistics Authority will release the data Thursday. However, officials refuse to commit one way or the other for now, instead saying they want to see more evidence that inflation is on a true downward slope and the labor market has softened enough.
“We’ve got to get inflation down — that’s the number-one thing,” he told CNBC. “I’m absolutely hammering that’s what we should be watching.”“To get inflation down as much as we’re getting it down without a big recession, that’s basically never happened,” he said. But Asian investors were more circumspect, with some markets drifting in and out of positive territory.
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