The Philippine peso: Strongest currency in Asia! GOOD NEWS

[baron]

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The peso reached its 6-year high at P49.195 against the US Dollar. This is another record high for the peso for this year. Not only this, the composite index at the Philippine Stock Exchange surged at 25.16 points. All of these contribute to our economic gains towards the end of the year.

[dredd41v576]

let's just hope that this trend will continue until next year.

[wanderlust]

Peso, stocks surge on rosy outlook
By Des Ferriols
The Philippine Star 12/28/2006

The local financial markets rallied yesterday on a positive economic outlook for next year given the sustained improvement in the government’s fiscal performance and expectations of continued growth in corporate profits, traders said.

At the Philippine Dealing System (PDS), the peso rose to its strongest level in nearly six years, closing at 49.195 from Friday’s close of 49.280 to the dollar. Yesterday’s close was the strongest since the peso last touched the 49.165 to $1 level last March 27, 2001.

The Philippine Stock Exchange (PSE) composite index surged by 25.16 points to close at 2,883.47 after moving between 2,858.31 and 2,886.98 points. It was the index’s best close since June 19,1997 when it ended at 2,905.97.

Analysts said investors are bullish for next year. "Everyone’s looking at a better year in 2007," they said.

"I think we will end 2006 on a positive note," said Wealth Securities analyst Ricardo Puig. "There is no reason to sell down the market now. Fundamentals are generally positive, and there are no negative developments."
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This is heartening news for all Filipinos who have been working hard to improve their lives and at the same time contribute to the progress of our country. While the benefits of a stronger economy may be slow in trickling down to the less fortunate, I believe that we can do it, provided we all work together.

[INFRACTION]

yehey nice news as for the year ender )

i would like to thank to all TFC subscribers este OFWs for their remittances ) :mrgreen:

kaya natin to

[baron]

^ Well, it closed at P49.10 against the US dollar yesterday. I hope it will break its P49 barrier today. I bet this will continue next year. Let's be optimistic that we will have a better economic situation for the year 2007.

[maxazria]

i'm part of the hopeful 91% of Filipinos who think there's a better outcome for our country in 2007.
strengthening peso, philippine shares are up, breaking-free from IMF debts.. what more can you ask for?
2007 will definitely a better year for us... the peso will surely go up! :mrgreen:

[wanderlust]

i'm part of the hopeful 91% of Filipinos who think there's a better outcome for our country in 2007.
strengthening peso, philippine shares are up, breaking-free from IMF debts.. what more can you ask for?
2007 will definitely a better year for us... the peso will surely go up! :mrgreen:

I didn't think this would come so soon either, but we're actually nearing exit from the IMF's intensive care. Before the year ends, we'd be paying the last tranche of our $220M debt. Just imagine, two years ago there have been dire predictions by experts that our country will end up like Argentina, but we are actually turning the corner now. Hopefully this momentum is kept up.

[baron]

The peso continues to gain at P48.88 by now. Also, the stocks surged to a near 10-year high. It seems the payment of the remaining foreign debt truly gives us a better edge this year. For one, we can allocate more funds to our equally important concerns like education, infrastructure and employment. More so, we can prove to the international community that we are far from economic losses that we are indeed on our way to economic recovery.

With the continuous strengthening of the peso, I'd really hope for a better year ahead of us.

[jancemsy]

I agree :mrgreen:

[grabejud]

this is indeed good news..ive heard that the pesos will go strong and will reach 46 to a dollar