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| Philippine Builders Slide on Prospects of Higher Inflation |
| Thursday, 17 July 2008 08:27 | ||||||
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Megaworld, the third-largest Philippine homebuilder by market value, lost 6.6 percent to 1.14 pesos as of 10:11 a.m., the second-largest loser in the index so far today. Filinvest Land Inc., the fifth-biggest builder, dropped 2.9 percent to 68 centavos, on course for its lowest close in five days. Philippine inflation probably reached 11.2 percent in June, pushed up by rising prices for oil and other commodities and higher wages, the central bank said yesterday. The bank has indicated it may take further action to curtail inflation. ``Higher inflation will affect the way consumers spend,'' said Jonathan Ravelas, strategist at Manila-based Banco de Oro Unibank Inc. ``It increases the risk that home payments may take a hit because costs are rising while income isn't improving.'' The Philippine Stock Exchange Property Index fell 1.6 percent to 843.84, the biggest decliner among the six industry measures in the market today. The measure is set for its lowest close since December 2005. Eton Properties Philippines Inc., a developer owned by the nation's richest tycoon Lucio Tan, dropped 7.9 percent to 2.10 pesos. Empire East Land Holdings Inc., the Megaworld unit that builds standalone homes, lost 4.7 percent to 4 centavos.
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