The Philippine peso: Strongest currency in Asia! GOOD NEWS

[K|D]

---

the only way we can survive globalization is to be productively self sufficient and nationalistic by buying our own products and by producing products for other countries.... we must support mandates by the government that allow this...

that's why im skeptical of the proposed wage hike -- if all our extra income will end up being spent on imported items anyway (so suyupon lang gyapon atong kwarta as a country)... plus this will prevent foreign companies from setting up factories here because mahal na ang labor...

[Rance]

http://news.ph.msn.com/regional/arti...mentid=1363492

US woes, inflation may hit Philippines budget: Arroyo

The US slowdown and soaring food and energy prices were likely to hit the Philippine's bid for a balanced budget in 2008, President Gloria Arroyo conceded for the first time Tuesday.

The Filipino leader told reporters that she hoped lenders and rating agencies would understand and refrain from downgrading the country's sovereign credit ratings, which would make debt financing more expensive.

The government has been under pressure to raise food subsidies with the price of rice soaring to record levels. The Philippines is one of the world's largest importers of the grain.

For the first three months of 2008, the Philippines incurred a budget deficit of 51.6 billion pesos (1.25 billion dollars) after posting a shortfall of 9.4 billion pesos for calendar year 2007, a 10-year low.

Arroyo said her economic managers had set 2008 as the target year for closing the budget gap, two years ahead of the previous plan, but that this was before global economic storm clouds had started gathering.

"That was before the oil went up, the rice went up, the US slowdown," Arroyo told reporters in the central city of Cebu.

While the government will continue to strive for a balanced budget this year, "we have to reassess it -- the strength and depth of the US recession and how much oil and rice (prices) will go up."

Asked about the impact of her comments on the country's sovereign credit rating, Arroyo said: "They will understand as long as they see an increase in (the) tax effort."

Finance Secretary Margarito Teves later insisted it was still "too early to say if we should abandon our balanced budget" target, saying the situation would become clearer after the second quarter.

Teves said the government would look for other revenue sources. He said these could include "more asset sales" and "outside borrowing," but gave no firm details.

Manila has been running a deficit since 1998, but Arroyo introduced fresh taxes and fiscal reforms in 2005 that have put the deficit under control.

[brad]

If the financial rating agency
grade the philippines credit rating as negative or neutral.

thats going to send the peso downwards.

It would be nice if somebody knows when does the finacial institution
release the grade of the philipine sovereign credit rating

[neox30]

dats good news

[ryan]

looks like the aussie dollar is doin alright against the peso...heres hopin it stays where its at or go higher even in 2 weeks time...would come in very handy

[pxguy2]

wow, i hope that its not just like that. we hope that the poorest people in in this country can feel it

[gamhanan]

sauna naa pa campaign nga dili manago ug dollar para monaog ang dollar kay nangsaka na ang mga presyo agi sa pagsaka sa dollar..Pero mas naglisod na hinoun ang mga katawhan nga ninaog na ang dollar.. Amu company hapit na mo close kay gamay na lang kaau ila income compared last year..

[pointman]

Strongest Currency in asia? ang piso? wth.

[d`monyita]

at least above 40 na ang dollar. aminado ako...gusto ko mataas ang dollar hehehe.

my clients are all abroad

the higher..the better.

nung bumaba ang dollar....think ko...waaaahhh paano na lang kami....but sige kuno...let us see the good epek of it.... WALAAAAAAAAAAAAAAA! hehehehe wala epek wala wala. ay meron pala...lumiit ang kita koh huhuhu.

so karon nitaas. woooohooo!

am i bad? i do not think so. so do not tell me i am not patriotic or what-have-you accusations that have been said here sa istorya. in the end...wala pa gihapon ninaog to 38 ang usd. sana i made pusta na lang with you guys (you know who u are). i would have won.

asan na nga ba siomai...? did u buy dollars when it was down? di ba ito ang gusto mo? bababa ang dollar tapos bili ka tapos taas agad ulits. hehehehe. wish i had the capacity to buy kahit 5000usd noh?

[inkubuz]

i don't care if the peso is the strongest currency in asia..
all those are just paperwork..
what i want would be to improve the status of life of Filipinos..
that's all..