The Philippine peso: Strongest currency in Asia! GOOD NEWS

[grabehbebe]

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Heavy investment flows to the stock market and steady remittances from Filipino migrant workers yesterday lifted the peso to 49.32 against the US dollar at the close of trading, its strongest level since March 30, 2001 when it edged at 49.27.

The peso opened at 49.31 against the dollar, its highest level for the day and higher than Friday’s close of 49.365. Volume turnover stood at $350.21 million, down from Friday’s $435.435 million.

[baron]

^ The continuous strength peso gives us a better edge comes 2007. With all the economic indicators turning positive for this year, I'd think we'll have a better economic outlook for next year.

I just hope the focus of the administration to institute economic reforms will not be criticized without basis.

[contra vida]

Peso is 49.72 at todays closing!

Layoa ug lagpak sa peso uy. Nya kung mo down ang peso kay wala lagi mag torotot nga strong ang peso. I update sab kada dalw mo ubos man o motaas.

[wanderlust]

Our Balance of Payments deficit for this year is a mere P17 billion compared to P170 billion last year. The stronger peso has resulted in huge interest savings for the government due to early prepayments on loans. Better government finances also put it in a better position to increase spending on pump priming the economy.

[grabehbebe]

Peso recovers after Thai policy flip-flop

AFTER Tuesday’s bloodbath across Asian financial markets, the peso took its cue from the baht and other currencies that regained their footing on news that the Thai central bank shelved a controversial policy to limit foreign capital flowing out of Bangkok.

At the Philippine Dealing System, the peso on Wednesday closed at 49.375 to a dollar, recovering from the previous day’s drop to 49.720. It opened at 49.5000, shed a centavo during intraday trading, before closing 12.5 centavos higher.

“We[‘re] back where we are and could reach the six-year [high],” a trader said, referring to last Monday’s record of 49.32 to the greenback.

Philippine exporters said that despite the peso’s strength, capital controls similar to what Thailand imposed may be unnecessary since the low interest-rate regime is helping them offset losses from a strong currency.

“We’re just doing productivity enhancement to offset those costs. There’s also [a] reduction [of] exporter fees and [the] redis-counting windows [to] helps us reduce costs,” Donald Dee, Philippine Chamber of Commerce and Industry (PCCI) president, said.

[baron]

^ It seems Thailand always brings instability to us, somehow. Anyway, it is only normal that the peso is fluctuating. Nonetheless, the peso recovers from this Thai policy when it posted at P49.36 yesterday. This is actually good for us as we open a new year with a positive economic outlook.

[digitalsuperman]

naglibog ko..ngano affected man atong economy sa thailand?
please enlighten meee..LOLz..hehehe..pasensya na..hihihi..

[INFRACTION]

go gloria go ... get lost destabilizers

[grabehbebe]

P/$ rate closed at P49.28 to $ 1

The peso rate closed at P49.28 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P49.328.

[baron]

^^ This just goes to show how strong our peso is. Not only that, the positive projection of peso in 2007 just proves that this is not just a phase because of OFW remittances. After all, we have not experienced appreciation of the Philippine peso for a long time. It is usual for us that the peso depreciates.

Now that we have it, the government would not want to let this go easily. Economic analysts even forecasted a higher peso in 2007. Now, who would say this is just temporary?