PSEi slips on rate hike fears

MANILA, Philippines – Local stocks closed lower Friday after the Bangko Sentral ng PIlipinas raised its inflation forecasts, fueling concerns that interest rates may stay elevated longer. The benchmark Philippine Stock Exchange Index (PSEi) slipped 0.30 percent, or 18.31 points, to close at 6,135.35. READ: BSP hikes policy rate by 25 bps to 4.75% Investors turned