KKR Rebuffed on First Gen as Philippine Central Bank Signals Gradual Disinflation
First Philippine Holdings rejects the US buyout group's offer for its power unit, while Bangko Sentral tempers easing expectations by flagging persistent upside inflation risks.
Two Philippine developments converged: First Philippine Holdings rejected KKR's approach for First Gen shares, and the central bank guided to only gradual inflation easing with risks skewed to the upside — a combination that constrains both M&A repricing and rate-cut positioning.