The Philippine peso: Strongest currency in Asia! GOOD NEWS

[mosimos]

---

I am pretty sure 100 percent that the things you said will not be realized as long as we have an impostor in Malacanang.

What good economy are you talking about.

People are not paying their loans. In banks, collection cases are on the rise. People really have a hard time thses days and Im just wondering where in the world the GMA drumbeaters ge the news that we have a good economy.

What rewards? We cant even raise the pay of the workers. Increased Public spending? Public hospitals dont even have adequate health facilities not to mention sufficient staff of competent health personnel.

Dont tell us things are looking up for our country. Its quite an insult.

[SPRINGFIELD_XD_40]

What has DOLLAR to PESO value got to do DIRECTLY to PGMA ?? Basin baya nagkalibanga imong iring si PGMA gihapon pasanginlan niom ha LOLZ !!

[Baroy]

nindot unta ug mo ubos pa ang peso v.s. dollar uy....

[Freeza]

yes its goodnews alright but it will make the OFW money which will be remmited to their love ones with less purchasing power remeber the ofw's they are the work horse of the philippine economy

[Rance]

Do we have now a shift of the economy? any signs?

[bcasabee]

Naa part.......dagko na kaayo ug sweldo ang mga taga IT karon............

[eelssej_]

The graph below shows historical exchange rates
between the Philippine Peso (PHP) and the US Dollar (USD)
between 4/17/06 and 5/12/

[mosimos]

Latest value: May 15, 2006

Peso drops to 52.15:$, shares down

The peso dropped to its lowest level since February this year as it closed at 52.15 against the US dollar Monday. Traders said Asian currencies weakened amid worries that central banks might intervene in the currency markets.

[mosimos]

Peso drops further at 52.37.

What now GMA? No strong peso propaganda anymore?

[grabehbebe]

Public finances seen to improve

THE foreign investor community has expressed optimism that the Philippines’ improving financial position would continue, encouraging the resumption of private-sector investments in the country’s infrastructure.

“We’re optimistic that fiscal consolidation will continue because it’s a good economic team. [The] political situation has improved considerably,” Agost Benard, Standard & Poor’s Ratings Services’ associate director for sovereign and international public finance, told reporters on Tuesday.

The international credit rating firm’s representatives are in the country on an annual visit.

On February 9 Standard & Poor’s revised its outlook on the Philippines’ credit rating from negative to stable, while affirming the foreign and local currency ratings at their present junk status.

The stable outlook reflects the rating agency’s revised expectations concerning the prospects of policy continuity and adherence to fiscal consolidation, which foreshadows improved chances for overall deficit reduction and stabilization of the country’s debt dynamics.

Benard, however, said it is too early to tell when Standard & Poor’s would improve the country’s credit rating; something the government has been aspiring for so it could cut down on its borrowing costs, which at present take up a third of the national budget.

Credit rating firms are expected to make a rating action in the second half of the year based on their annual assessment. The sovereign’s ability to meet its debt obligations is the major factor for Standard & Poor’s credit rating action.

The country’s debt service as a percentage of its economic output is still one of the highest among peers at around 36 percent. This will require ongoing political commitment, effective implementation of value-added tax, and continued reduction of tax evasion, Standard & Poor’s said in its last rating action.

WB says private-sector investments to resume

For its part, the World Bank said the Philippines’ fiscal turnaround will remove the primary obstacle to private sector participation in infrastructure investment.

In the first quarter of the year, the Philippines posted a budget deficit of P67.6 billion, lower than the P71.8-billion ceiling set for the period.

The government claimed that the first three months’ fiscal performance was due to higher revenues rather than cuts in spending.

“Given that, we can now focus on the [infrastructure] sector’s development,” Joachim von Amsberg, World Bank country director, told participants of a forum on Tuesday.
“Infrastructure is the major bottleneck and obstacle in private-sector investments,” he said.

Ben Eijbergen, World Bank infrastructure coordinator said the Philippines infrastructure achievement is encouraging but it remains weak compared to Asian neighbors.

He said the Philippines should increase infrastructure spending from less than 3 percent of economic output to at least 5 percent.

“The efficiency of infrastructure spending is also important, good programming and priority assessment of investment. It’s not just about more money but efficiency,” he said.

Ruben S. Reinoso, assistant director general of the National Economic and Development Authority (NEDA), said the country’s infrastructure remains inadequate and inefficient, given an annual infrastructure investment of about P83.6 billion, or 2.42 percent, of the Philippine economy over the past five years.

He said that while private-sector investments in infrastructure is needed, boosting the country’s stock of roads, power and other facilities is also key to attracting more investors.




By Maricel E. Burgonio and Darwin G. Amojelar, Reporters
http://www.manilatimes.net/national/...60517bus4.html