Mild Respite For Assets

November 2004 | Market Strategy

After recent losses, Philippines assets have seen a mild respite following the release of data showing that the budget deficit for the first 10 months of 2004 came in at PHP147.7bn (US$2.6bn), which is well below the full-year target of PHP197.8bn (4.2% of GDP). In proportional terms, the shortfall was 75% of the 2004 target. Trade and Industry Secretary Cesar Purisima subsequently announced that the final fiscal shortfall figure for this year was likely to be PHP196.0bn, which is below the official target. Consequently, the US$ Global 08 bond has held steady above trendline support at 107.00, while the

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