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Saturday, November 10, 2007

Peso Now On A 42 Level!

Yesterday on my way home, I took the bus in front of EDSA Shrine. I was having a hard time in commuting these past few days coz the jeepneys are cutting their trips to Rosario and Jenny’s. I was fortunate to make it inside an empty bus with just a few cuts. Hehe… Just kidding!

While inside the bus, I was surprised to hear from GMA 7’s 24 Oras newscast that the peso reached the 42-peso level. The peso opened last Friday at 43.19 and closed at 42.795, a new seven-year high record for the peso. The peso gained 51 centavos from Thursday’s finish of 43.305 against the US dollar.

According to the news, the peso’s gain was due to the strong foreign exchange inflows, remittances from Filipino overseas workers and the continued decline of the US dollar. Some analysts say that the peso might reach 42.50 if the privatization of the government's controlling stake in the PNOC-Energy Development Corp. would push through.

There are some speculations though that The Bangko Sentral Ng Pilipinas (BSP) has been intervening to the continued climb of the Peso over the US currency. This intervention was done to protect our exporters and overseas Filipino workers. Analysts say that the BSP is happy to see the Peso appreciate slowly because it helped in lowering the inflation of food and crude prices.

I’m definitely happy with what’s happening in the Philippine economy. There is certainly hope for Juan dela Cruz. I just hope investors would continue to invest in our country to help alleviate our unemployment rate and increase our dollar funds.

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