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

In a research note, Bank of the Philippine Islands (BPI) said the surprise interest rate hike of the Bangko Sentral ng Pilipinas (BSP) on Thursday, July 14, was in line with market expectations.

“Back in March, we started to discuss the increasing possibility of an off-cycle rate hike given the volatility of oil and the currency. We said that kicking the can further may eventually lead to a situation that could force the BSP to hike by more than 25 bps (basis points) in one meeting, similar to what happened in 2018,” BPI said.

BPI added that the economy can absorb the rate hike, despite the gross domestic product likely slowing down “a bit” due to the central bank’s off-cycle move.

Has inflation peaked? Probably not, according to the Ayala-led bank. The BSP is likely to hike interest rates by 25 bps in its August meeting due to elevated prices.

Emperador listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST) under the stock code EMI.

Bryan Donaghey, Emperador’s head of whisky business, said: “The secondary listing of Emperador on the SGX-ST today marks the start of the next chapter in our growth. We are proud to have built a leading global spirits company, and we are committed to be a driving force in brandy and whisky.”

Emperador is the first company listed on the Philippine Stock Exchange to conduct a secondary listing on the SGX-ST.