Philippine stocks fell below a key level on Monday as market watchers await the decision of the US Federal Reserve on Thursday whether its policy rates will be raised.

The Philippine Stock Exchange Index closed 6,868.89 points, down 174.27 points or 2.47 percent. The index ended last week above the 7,000-point level.

The peso weakened to P49.82 against the US dollar from Friday’s P49.76. Volume declined to $341.10 million from Friday’s $329.million.

Meanwhile, Megaworld Corp., through its subsidiary, Global-Estate Resorts Inc., is developing 640 hectares of land along Marcos Highway into a 36-hole golf course, country club, residential, commercial and retail areas.

The project will cost five billion pesos and take five to seven years to develop this ‘integrated lifestyle community’ which will be called Eastland Heights and located in Antipolo, Megaworld said in a disclosure to the stock market.

“More than a hundred hectares will be allocated for residential villages. But in the next few years, we will be adding some commercial and retail components to make this community more exciting,” said Monica Salomon, president, Global-Estate Resorts Inc.

“This new community will allow Megaworld to further expand its presence in the popular area of Antipolo, which is very accessible to the major cities in Metro Manila. We capitalize on the scenic views and fresh air in this location, which can be the development’s key strengths,” added Salomon.

In a related development, the Philippine Stock Exchange, Inc. was once again named as Best Stock Exchange in Southeast Asia by institutional investment magazine Alpha Southeast Asia.

This is the third time in the last four years that PSE bagged the award, the PSE said in a statement. DMS