The Philippine peso: Strongest currency in Asia! GOOD NEWS

[bcasabee]

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Yeah and its good news............

[tolstoi]

kaning mga taga opposition...kung down ang PESO mo reklamo kay dili maayug performance ang Presidente..pero ok gani ang PESO reklamo lang gihapon kay dili credible ang PRESIDENTE..so unsa man gyud?

[grabehbebe]

Peso surges again, nears 50 against dollar

A string of positive economic news strengthened the peso against the US dollar yesterday, bucking the regional weakness of Asian currencies.

The peso closed at a fresh four-year high of 50.20 against the dollar after opening at 50.24, up from Friday’s close of 50.26. This is the highest closing of the peso since June 15, 2002 when it edged at 50.15 against the greenback.

[istoryador]

The reasons the peso is gaining strength vis-a-vis the American dollar are: one, the dollar is itself weakening versus other world currencies; and two, the internal supply and demand situation. There are more dollars than the economy can absorb. Our eight or so million overseas workers remit something like 15 billion dollars annually to their families and other dependents in the country. Contrarily, there isn’t such a heavy demand for dollars. The few survivors of our decrepit manufacturing industry are not importing as much raw materials and factory supplies, so their dollar demand is low, even at this time of the year when inventories are being built for the yuletide market. Wholesalers who import finished goods have cut down on their inventory build-up, predicting sluggish sales this Christmas compared to previous years. In fact, retail sales have been in the doldrums for months on end, and even bargain sales periodically announced have not coaxed consumer interest.

Look at the malls, even the newest and most spanking of them. Mondays till Fridays they are virtually empty, except for the coffee shops. Few even bother to browse or window shop. Saturdays and Sundays, people flock to the new national equivalent of a people’s park – the mall. That’s when the eating outlets cash in after a week of low sales. But the apparel stores, the other dry goods outlets hardly benefit from the huge crowd of visitors. They come to gawk, to enjoy the free air conditioning, and to buy a burger or chicken legs. Why, at Henry Sy’s Mall of Asia, families even bring their own baon, eat in the bay walk fronting his mall, before entering the humongous display of unsold merchandise.

This is how "strong" the economy is. Replicate that in the regional and provincial capitals. The upside of the fifty to the dollar exchange rate comes only in the form of incrementally lowered gasoline prices, which incrementally benefit car owners and transport drivers. But as jeepney and bus fares are not rolled back, the ordinary commuter does not benefit. Prices that have already adjusted months back when all price inputs zoomed up are not likely to adjust downwards. In a country where competitive pricing remains a myth, what goes up stays up, no matter what happens.

[bcasabee]

Hahaha....I like your talk about fare roll back..........why don't you suggest that to your militant friends to start marching on the streets and ask for fare roll back if you don't mind......

[jay_sn0w]

mao ne nndot na post..stop bickering na..^_^

hopfuly mu continue ne..\m/.

[mata_hari]

Well, this is good news.. For a change!

I wonder how long would we keep this up... Hhhmmm. I sure hope Peso would gain a lot of value, in that way... My mom have to stop complaining that i should go abroad coz I earn a little here...

Hahay... Love man gud nako Pinas gud!

[Wind Shear]

As of September 20, 2006

1 U.S. Dollar = 50.16300 Philippine Pesos

[baron]

^^Good news, indeed.

It steps up to P50.12 when it closed yesterday.
Not only this, we have less government borrowings and more reserves that boost the confidence of our foreign investors towards investing here in the country.

I do hope that the previous forecast by our economic analysts that the peso could reach as much as P48 per dollar at the start of 2007 would materialize.

[kolz]

I'll just have to chip in to this ...

Its really a good thing that the government is doing its best. My late grandparents were once farmers, I mean .. mag uuma, ako intawn magpatuna sa kabaw kada buntag. Before life was hard and support from the government is really difficult, ang abono lang daan wala gyuy assistance sa govyerno, karon since wala na mag-uma akong apohan, pero ang mga kasigbit nga yuta sa akong apohan naa nay traktor gamit provided by the government, so ayos na kaayo. Now I'm into livestock and poultry, and its really becomming easier to raise livestock also nowadays compared to before, I believe the government is really doing its best to help the poultry and livestock farmers. Unfortunately, even with the administrations best intentions, money that is going to trickle down to us, sometimes would go to local government officials unya ibulsa ra. Maayo gani kung ang mga local officials are also sincere, unya maabot gyud nimo ang benifit you deserve from the government.

Kudos to the Arroyo administration.