THE peso and the stock market rose on Wednesday following the release of Philippine growth data, which, while lower than targeted, was seen to have signaled continued economic strength. The peso strengthened by 12.6 centavos to P56.275 against the dollar, while the benchmark Philippine Stock Exchange index (PSEi) gained 24.43 points, or 0.37 percent, to 6,646.44. Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the country's growth outlook and likely lower inflation in January had lifted the peso. Managing Director Juan Paolo Colet, meanwhile, said last year's 5.6-percent growth — below the targeted 6.0-7.0 percent — still "signaled that the economy remains strong." Managing Director Luis Limlingan echoed this, saying local shares rose as Philippine growth was "ahead of the latest Bloomberg consensus of 5.2 percent."
