Philippine Peso

Despite exports posting a 17-month high toward the middle of the year, the National Economic and Development Authority (Neda) and some economists expressed concern that the appreciation of the peso and the global slump in electronics may still threaten export growth in the coming months.

The peso posted the highest appreciation among Asian currencies to date but is among the lowest in terms of volatility, with both performances, reflecting positive of the economy.

The Philippine peso remains competitive as its volatility and movement remains in the middle of the range in the region on account of the weakness of the US’s economy and the Euro debt crisis.

The peso climbed near the 41-per-dollar level Thursday on heavy trading volume of $1.5 billion, as the Philippines continued to draw foreign capital flows and remittances despite the renewed volatilities in regional stocks.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said yesterday that the peso remains the least volatile currency in Asia amid the heightened risk aversion brought about by the weak economic growth in advanced economies led by the US and the sovereign debt crisis in Europe.

Local currency revisits 44:$1 for the first time in eight months on Europe’s worsening debt crisis; stocks extend slump The peso weakened further to an eight-month low Tuesday, falling past the 44 per dollar level for the first time in eight months, on concern Europe’s worsening debt crisis will encourage overseas investors to pull out…

MANILA, Philippines – A survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed that beneficiaries of overseas Filipino workers (OFWs) are saving less in the third quarter of the year due to the continued appreciation of the peso against the dollar.

The International Monetary Fund had joined other multinational lenders in slashing its forecast on economic growth in the Philippines this year to 4.7 percent from an original five percent, while next year’s growth is expected at only 4.9 percent as the IMF expects the global economy slowdown to persist.

Banana exporters in Mindanao are worried over the rising value of the peso against the US dollar, saying it is making them less competitive in the world market.

Exporters are again up in arms over the surging strength of the peso and expectations that the local currency will further appreciate against the US dollar as a result of worsening problems in the American economy as they urged the Bangko Sentral ng Pilipinas (BSP) to take decisive actions to stem the the peso value.

MANILA, Philippines – Exporters should not worry so much that the peso is getting stronger against the dollar because since almost all other currencies have appreciated, the Philippines did not lose its competitiveness in the US market, Trade and Industry Secretary Gregory L. Domingo said.

The peso on Friday finished at its strongest level in more than three years, on robust inflows of foreign exchange, as investors trooped to emerging markets, encouraged by positive news coming from Greece.

The peso closed at its strongest level in five months Friday, tracking the appreciation of regional currencies against the US dollar, on evidence that foreign capital continued to flow into emerging markets.

MANILA, Philippines – London-based Barclays Capital sees the peso strengthening only at 41.50 to $1 instead of 40 to $1 this year due to the continued increase in global oil prices.

It’s not like Ramon S. Ang to gripe about the economy. The go-getter president of San Miguel Corp. finds challenge in any condition. But he has taken up a cause of late: to unpin the peso. If only the monetary authorities would stop restraining the currency, Ang believes it would spring to P35:$1, from the…

MANILA, Philippines – British banking giant HSBC sees the peso strengthening to 37.50 against the dollar this year and further to 35.50 to $1 next year as the Bangko Sentral ng Pilipinas is likely allow the local currency to appreciate further to cushion the impact of imported inflation brought about by rising global oil and…

MANILA, Philippines –  Investment banks Bank of America — Merrill Lynch and Barclays Capital Ltd. see the peso strengthening to as high as P40 to $1 this year amid the strong remittances from Filipinos abroad.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) sees the peso strengthening further, revising its foreign exchange rate assumption to a range of P42 to P45 to $1 due to the continued appreciation of the local currency against the greenback.

BPO firms start feeling pinch of strong currency MANILA, Philippines—With the peso breaching the 42-to-a-dollar level, export growth may be halved over the next three years, forcing more companies in the sector to downsize and even close shop.

MANILA, Philippines – The peso broke into the 43 to $1 territory yesterday, closing at a more than two-year high of 43.880 to $1 as the greenback remained under pressure after the US Federal Reserve decided to keep its benchmark interest rates at record lows but vowed to continue to supporting its fragile US economy.

THE peso hit a 20-month high against the US dollar on the first trading day of the second quarter mainly because of improving risk appetite, currency traders said.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) urged exporters to hedge their dollar inflows against the fluctuations of foreign exchange rates in order to boost their competitiveness and survive in the global market.

MANILA, Philippines – Exporters expressed dismay yesterday over the plan of the government to issue bonds specifically for overseas Filipino workers (OFWs).

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) urged exporters to stop complaining about the strengthening of the peso against the dollar and should instead focus on improving their competitiveness to be able to survive in the global market.

THE Bangko Sentral ng Pilipinas said it would continue to temper the volatility of the peso, which recently broke into the 46-to-a-dollar level, raising concerns on how it would affect households totally dependent on remittances.

Last week, the Philippine peso plunged to a new low.  Depending on what business paper you read, it was a six month low for the Business Mirror and a nine month low in BusinessWorld. The Philippine Star had it also at a nine month low. The peso has recovered somewhat towards weekend but the direction…

MANILA, Philippines – The peso hit a nine-month low of 49.01 to the dollar during intra-day trading yesterday on the back of renewed risk aversion, traders said.

MANILA, Philippines – Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said the peso is not performing exceptionally worse than its regional peers and has actually begun to perform better at the end of the first semester.

The current global financial crisis continues to hurt currencies in the region as risk aversion remain high but depreciation of the Philippine peso is less against other units in the region.

MANILA, Philippines – Global banking giant Hongkong and Shanghai Banking Corp. (HSBC) said it expects the Philippine currency to weaken to 53 against the dollar by the end of the year as the inflow of overseas workers’ remittances continues to slow down and the US economy remains in recession.