Page 4 - Antonio Mapa News Today

In a statement on Tuesday, the central bank is looking to address disruptions to financial markets in the country, noting that the dollar spot market remains open, while “ forwards and repos are available facilities.”

The Fed’s looming rate hike pushed the peso to a new low of P58 against the greenback, considering it breached the 57-level weeks ago. This was weaker than its previous close of P57.48.

Money sent home by Filipinos overseas grew at a slower pace in July, as better exchange rates as a result of a weak peso allows expats to reduce the dollars they send to their families.

The local unit closed at P57.135 against the greenback, weaker than its previous finish of P57. 

Unemployment stood unmoved in June while the quality of available jobs improved, in what may be a show of resilience in the face of rapid inflation.

Economic managers of the Marcos Jr. administration would likely temper the growth targets set by the Duterte government as boiling inflation spoils the country’s economic mood.

The latest inflation print fell within the Bangko Sentral ng Pilipinas forecast of 5-5.8% in May.

Inflation in the Philippines likely sizzled and jumped above the upper end of central bank Bangko Sentral ng Pilipinas’ (BSP) two-to-four per cent target range of manageable price hikes last month.

The latest figures reinforce warnings from global debt watchers about the unabated growth of government debts.

Gross international reserves amounted to $107.98 billion as of end-February, up 0.26% month-on-month, the BSP reported on Tuesday.