Philippines' central bank sees diversification need

Asian central banks have been forced to consider changing their portfolio composition after a prolonged period of low interest rates amid developed market quantitative-easing programmes in response to the global financial crisis. But reserve managers in Southeast Asia lack many of the financial instruments available to more risk-tolerant central banks, leaving them struggling to diversify their investments. Bangko Sentral ng Pilipinas is only allowed to invest in government, age…