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03-04-2009, 11:47 PM #1071C.I.A.
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03-19-2009, 11:22 AM #1072C.I.A.
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Peso to weaken as remittances slow--Goldman | ABS-CBN News Online Beta
Philippine peso is set to fall as the country's remittance inflows ease, analysts at Goldman Sachs said in a note.
"Looking forward, we believe flows will be less peso supportive, as we expect remittances growth to slow in the coming quarters on a slowing global economy," they said.
Remittances, a key pillar of the Philippine economy, edged up 0.1 percent in Jan. -- the slowest pace in 5 years.
Goldman Sachs expects the peso to fall to $50 in 6 to 12 months, implying a 3 percent fall from the current spot of $48.4.
The peso has fallen almost 2 percent versus US dollar this year.
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03-23-2009, 06:28 AM #1073C.I.A.
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PHILIPPINE PESO: The peso traded higher at 48.310 to the dollar on Friday from 48.565 a week earlier.
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03-23-2009, 08:48 AM #1074C.I.A.
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^^nka abot jd ko ani gna na 48 na ang peso. last last friday ko nka pa ilis ato...
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03-23-2009, 12:00 PM #1075Elite Member
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Wow, I never thought the peso could be this average. Weak man jud na sya sauna pa.
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03-26-2009, 09:49 PM #1076Junior Member
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The Philippine peso: Strongest
The peso would have fallen to below 50 per USD last year had the BSP not been propping it up with millions of dollars in constant trading on the foreign exchange. The BSP is spending a huge chunk of the nation's Dollar reserves in an attempt to keep the peso afloat on the FOREX. Each day as it falls to roughly 48.6, the BSP intervenes and sells dollars to boost it back to around 48.2... The BSP won't be able to continue this practice for much longer.. They'll run out of Dollar reserves. It's currently way overvalued at 48.2.
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03-26-2009, 09:56 PM #1077C.I.A.
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^ any news or online article links you can provide that would prove BSP is behind the strong peso?
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03-27-2009, 11:39 AM #1078Junior Member
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Sure.. On the Yahoo Phillippines home page, there is a "Business" icon you can highlight to get the top business stories each day.. They have reported on the the BSP's control of the peso via heavy FOREX trading about 50 times since last April, when the BSP fought to keep the peso afloat.. It isn't a secret. If you watch the value of the peso change each day ( USDPHP=X: Basic Chart for USD/PHP - Yahoo! Finance ), you too will see the exact time of each "intervention".. Lately, the the BSP intervenes when the peso drops (daily) to around 48.6.. They then use Dollar reserves to bring it back down to around 48.1 per dollar. Look it up. Don't take my word for it..
Last edited by Vince Russo; 03-27-2009 at 11:41 AM. Reason: mispelled word
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10-15-2009, 10:15 AM #1079C.I.A.
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this reply is long overdue but sorry i think you got it all the other way around. the contrary is what happened and has been happening instead.
Originally Posted by Vince Russo
The BSP has been intervening in the foreign exchange market to prevent a sharp appreciation of the peso (not depreciation), making sure the increase in consumption is maintained to help prop up the economy.
here's a proof of that:
Business - BSP intervenes in forex market to halt peso rise - INQUIRER.net
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10-15-2009, 10:30 AM #1080Elite Member
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It's simplistic to tie any rise of the peso to a better economy. Many countries in Asia would not view a strengthening currency as a good sign, and some countries like China actively prevent their currencies from appreciating in order to maintain their export sector. For a developing country like the Philippines, a strengthening currency can have all sorts of nasty implications for the economy and can lead to massive loss of jobs. It also has the effect of reducing the effective income of OFWs as the money they send is worth less, whose remittances in an ironic twist are also responsible for propping up the value of the peso.
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