The central bank is trying to combat persistent inflationary pressures. This is a signal to the market that interest rates have bottomed out and we should expect more increases.
More Quotes from Jonathan Ravelas:
Fund managers are starting to liquidate their positions in the market. Given this trend, the best time to buy stocks would be during Holy Week.Jonathan Ravelas
The slight rejection on the three-month bills shows that government has an improved cash position.
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The lifting of the state of emergency is a clear signal that the threats against the government have been neutralized more so this would boost financial markets, particularly the peso.
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The recent falls should be taken as an opportunity to buy ahead of the index change in April.
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The strong remittances and additional government spending this year should help mitigate the adverse impact of additional taxes and high oil prices on consumer spending.
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The risk to the administration seems to be dissipating ... we will probably see a more stable market next week.
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