The Philippine peso rebounded from a one-week low as European nations moved closer to an agreement that will help Greece avoid a default, boosting demand for emerging-market assets.
Most Asian currencies and stocks advanced as Greek Prime Minister George Papandreou seeks approval from lawmakers for budget cuts and state asset sales in order to get further financial assistance. The Philippine government reported today that imports climbed 20.3 percent in April from a year earlier, slowing from a 21.8 percent increase in March.
"The developments in Europe would be the main driver of Asian currencies and also the movement in fund flows," said Lito Biacora, vice president for treasury at Bank of the Philippine Islands in Manila. "We might be seeing a tight range for the peso with a bias toward appreciation."
The peso advanced as much as 0.2 percent before closing little changed at ₱ 43.575 per dollar at 4 p.m. in Manila, compared with ₱ 43.593 yesterday, according to prices from inter- dealer broker Tullett Prebon Plc. The currency reached ₱ 43.615 yesterday, the weakest level since June 20.
The government delayed releasing the budget balance for May from today until July 1. The surplus was ₱ 26.3 billion pesos ($603 million) in April as revenue rose and spending fell. State expenditure was within target in May, Budget Undersecretary Laura Pascua said in a mobile-phone message yesterday.
The yield on the 9.125 percent bond due September 2016 fell one basis point, or 0.01 percentage point, to 5.13 percent, according to Tradition Financial Services.
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