Manulife Philippines sees bright 2012 prospects for U.S. Dollar and Philippine Peso bonds
Makati City – Manulife Philippines says that U.S. dollar-denominated bonds of the Republic of the Philippines (“ROP bonds”) would likely remain resilient amid lingering concerns over the long-term fiscal sustainability of a number of European Union member countries, while Peso-denominated government bonds are expected to remain stable in the short to medium term.
“Improving fiscal and debt dynamics, strengthening external liquidity position and continual structural formation of domestic liquidity, which is supported in part by robust remittance flows, are expected to support the demand for Philippine government bonds,” said Aira Gaspar, Vice President and Chief Investment Officer, Manulife Philippines.
“The positive outlook by Standard and Poor’s (S&P) on the country’s credit rating, which indicates a potential credit rating upgrade, is also supportive of further improvement of the favorable sentiment on Philippine government bonds amid the negative credit rating outlook on a number of developed countries,” Ms. Gaspar added. In December 2011, S&P revised its credit rating outlook on the Philippines from stable to positive.
Despite the positive outlook on Philippine government bonds, Ms. Gaspar did caution that elevated oil prices could likely add to inflation pressures and undermine economic recovery. Nonetheless, against the backdrop of sluggish growth prospects in the global economy, Ms. Gaspar expects inflation to remain within the target range of the local central bank.
About Manulife Philippines
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. In 2012, we celebrate 125 years of providing clients strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$500 billion (US$491 billion) as at December 31, 2011. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
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