Philippine banks and property developers may extend their gains after the central bank cut its interest rate for a fifth time and said it has more room to lower borrowing costs, CLSA Ltd said.

Banco de Oro Unibank Inc., the nation’s largest lender by assets, and Ayala Land Inc., the biggest builder, are among financial and property stocks that may give investors the best returns, said Alfred Dy, head of Philippine research at CLSA.