March 24, 2023

The Gist

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Your Morning Fix

  • The Bangko Sentral ng Pilipinas (BSP) raised its policy rate by 25 basis points (bps) to 6.25% and said that it would be data-dependent on future monetary policy decisions.
  • The BSP lowered its average inflation forecasts from 6.1% to 6% in 2023 and from 3.1% to 2.9% in 2024 due to easing inflation in February and a softer global growth outlook.
  • US Treasury Secretary Janet Yellen told US lawmakers that regulators “would be prepared to take additional actions if warranted”, a day after her remarks against “blanket” deposit insurance rattled markets.
  • US jobless claims fell by 1,000 to 191,000 in the week ending March 18, the second consecutive week of decline, hovering near historic lows and underscoring a still-tight job market.
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Portfolio Picks

Economy 5 MIN READ

Revisiting the collapse of Lehman Brothers

With what’s happening in the banking sector right now, some fear a Lehman-like fiasco waiting to happen. Here we re-examine what happened in 2008 and what lessons we learned.

By Ina Calabio, Geraldine Wambangco, and EA Aguirre March 24, 2023
Economy 4 MIN READ

Is the Credit Suisse CoCo meltdown a cause for concern in Asia?

As global markets reel from the failures of SVB and Credit Suisse, investors are worried about the performance of their bank-issued securities and the likelihood of a contagion effect in Asia.

By Patty Membrebe March 23, 2023
Rates & Bonds 2 MIN READ

Peso GS Weekly: Expect yields to trade in the same range

Take advantage of selloffs to buy peso GS at higher yields.

By Geraldine Wambangco March 22, 2023
Currencies 5 MIN READ

The US dollar isn’t out just yet

There’s still greater demand for US dollars and USD-denominated assets but could the recent US banking issues hold bank the greenback’s strength?

By EA Aguirre March 22, 2023
Economy 3 MIN READ

Is inflation decelerating?

The Philippines’ February inflation inched down, for the first time in six months. Is this a sign that inflation has already peaked?

By Anna Isabelle “Bea” Lejano March 22, 2023
Investment Tips 3 MIN READ

No 2008 redux: containing the Credit Suisse chaos

Before it was Main Street, now it’s Switzerland’s Paradeplatz. We are dealing with a crisis of confidence, not a debt crisis. For now, the forced sale of Credit Suisse has calmed the markets.

By Ruben Zamora March 22, 2023

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Explainer Articles
Explainer 4 MIN READ

What is the foreign exchange swap line? 

Recently, top central banks revisited a tool in their tried-and-tested playbook called the foreign exchange swap line. Learn how it helps ensure that financial institutions run smoothly.

Key Points
  • How do foreign exchange swap lines work?
  • How did the Global Financial Crisis affect rates?
  • What can we learn from history?
Strategy Updates

Strategy Update October 2022

This contains the strategy update of Metrobank as of October 6, 2022.

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