Philippine stocks: Gainers, losers, market-moving news – April 2022

Economists of the Bangko Sentral ng Pilipinas (BSP) see inflation hitting 4.2% to 5% in April, beyond the 2% to 4% target band of the government. Inflation hit 4% in March. 

“Higher electricity rates in Meralco-serviced areas, increased domestic petroleum prices, as well as higher meat and fish prices are the primary sources of inflationary pressures during the month. Inflation pressures will also emanate from positive base effects,” the BSP said.

The central bank added that inflationary pressures could be offset in part by lower prices of fruits and vegetables and the broadly stable peso.

Former finance secretary Cesar Purisima joined the board of directors of Ayala Corporation, the company announced at its annual stockholders’ meeting on Friday, April 29.

Purisima served as the finance secretary during the Aquino administration from 2010 to 2016. It was during this time that the Philippines received its first investment grade rating.

Former Singtel group chief executive officer Chua Sock Koong also joined the Ayala board. Chua is currently the deputy chair of Singapore’s Public Service Commission.

Purisima and Chua take the seats of outgoing directors Keiichi Matsunaga and Antonio Periquet, who had been part of the board since April 2017 and September 2010, respectively.