it may hit Php53 = $1 by the end of the year... *cross fingers*

^^ ang problema ay bumalik na si garci.. problema na naman sa politika. yeah you're right, let's just cross our fingers..

^yeah Graci's back. Asar... gugulo na naman. magpapasikat na naman ang mga opposition forces. Magpapalabas na naman sila ng "we-want-the-truth" drama. Urgh! Hope that the economy's strong enough to fight these uncertainties...

Bakit nga pala R ung sign ng peso instead of P or Php?

bakit kasi d na lang ipa-salvage c garci eh, nagiging sig ko pa. ipa-salvage na. just j/k :D

Bakit nga pala R ung sign ng peso instead of P or Php?

i once emailed Manila Bulletin to ask that question, too, because don ko lagi nakikita yung R na sign instead of P or Php. but they never replied. what's the use of having this "Contact Us" feature if they're not gonna reply anyway? crap!

Stronger peso to mean savings for RP
The Philippine Star 11/27/2005

More than P16 billion will be shaved off government debt payments next year if the peso will settle at 53 to the dollar, House appropriations committee chairman Rolando Andaya Jr said.

"If the peso’s strong climb will continue, then the President will be doing a lot more rocking or tripping the light fantastic, "Andaya said, referring to news reports of how President Arroyo , buoyed by the peso’s surge, took time out to enjoy a rock concert in suburban Manila Thursday.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. had said that the peso could appreciate to as high as 53 to the dollar next year if government’s reform efforts are sustained as planned.

"If the peso is headed toward the 53 to the dollar level, and stays there next year , some P16.3 billion will be deducted from our scheduled debt service," Andaya said.

This is so because the P721.7 billion debt service fund for 2006 was premised on a higher P57 to $1 exchange rate, Andaya explained.

Of the said amount, P232.6 billion was earmarked for foreign creditors – P113.5 billion in interest payments and P119.1 billion in principal amortization.

Given the current level of the public debt, a one-peso appreciation of the local currency against the dollar would translate to annual savings of about P4 billion in interest and principal payments of the government, Andaya said.

Outstanding public sector debt reached P5.5 trillion as of June , a heavy burden which compels government to currently allot 34 centavos of every budget peso to meet interest expense alone.

Andaya said a strong peso would free money earmarked for debt service to "productive expenditures such as social services."

"On a P54 to $1 exchange, we’re looking at almost P6 billion in savings in interest payments alone, "Andaya said. "We can use the savings to pay down our debt or we can earmark some of it to fix hospitals, hire more doctors, build roads , improve our schools, the kind of expenditure that will in turn lure investments, spur growth and create jobs."

i once emailed Manila Bulletin to ask that question, too, because don ko lagi nakikita yung R na sign instead of P or Php. but they never replied. what's the use of having this "Contact Us" feature if they're not gonna reply anyway? crap!


hahahaha. they don't read emails.

i once emailed Manila Bulletin to ask that question, too, because don ko lagi nakikita yung R na sign instead of P or Php. but they never replied. what's the use of having this "Contact Us" feature if they're not gonna reply anyway? crap!

http://img433.imageshack.us/img433/3684/bigpesosign4ck.png (http://imageshack.us)

I've been searching high and low for an explanation but I can't figure it out. As far as I know, the real symbol for the Philippine peso is the P with the two dashes through it. Failing the use of this (for lack of fonts) the P with a single dash will do. And failing the use of this (again for lack of fonts) the P or the PhP work. But nowhere does it say that an R is a symbol for Philippine currency.

So my guess is that the Manila Bulletin uses "R" because it doesn't have a font for PhP. I have no idea why R... I guess maybe it's the closest approximation to P with a line-- R is technically a P with a line anyway. If you ask me, they're not doing the right thing because Philippine money is the peso, not the reso.


From Answers.Com (or Wikipedia)
The Philippine peso (Filipino: piso) is the official currency of the Philippines. The word piso derives from the Spanish word peso, which means "weight". It is divided into 100 centavos or sentimos. Its ISO 4217 code is "PHP".

The symbol used for the Philippine peso is shown to the right. This symbol was added to the Unicode standard in version 3.2 and is assigned U+20B1. Due to the lack of font support, the symbol is often substituted with a simple P, a P with one horizontal line instead of two (available as the peseta sign, U+20A7, in some fonts), PHP, or Php.

Hello friends. I just like to ask a question. I'm not very knowledgeable in economics, currency and all but I'm also concerned about the economy.
Is it realistic to expect that the Peso could appreciate more than this and reach the 50 mark?

It's possible with a combination of a whole slew of factors-- including the strength of the dollar, the relative strength of various currencies vs. the dollar, market conditions in the Philippines, the capacity of Filipinos to purchase things, the amount of foreign currency that overseas Filipinos are pumping into the Philippine economy, etc., etc., etc.

What I'm worried about is that while in general this is good for a lot of Filipinos, it's also not so good for such appreciation to happen too quickly. One of the primary duties of the Central Bank is to ensure that the currency is stable and safe from too many dynamic fluctuations that may affect short term buying capabilities of Filipinos (individuals and businesses).

A sharp strengthening of the Philippine Peso would also make it less attractive to foreign investors as their foreign currency would travel less in the Philippines. Exports would suffer as well. For Filipinos, it's good for Filipino currencies to get stronger vs. the dollar because it allows Filipinos to buy more imported goods cheaply, (and perhaps even local goods will be cheaper as well, but this can be complicated), but you also have to worry about stuff like inflation. Bottom line is, if the Philippine currency strengthens vs. foreign currencies, it should not happen in a snap.

thanks, mike.

It's possible with a combination of a whole slew of factors-- including the strength of the dollar, the relative strength of various currencies vs. the dollar, market conditions in the Philippines, the capacity of Filipinos to purchase things, the amount of foreign currency that overseas Filipinos are pumping into the Philippine economy, etc., etc., etc.

What I'm worried about is that while in general this is good for a lot of Filipinos, it's also not so good for such appreciation to happen too quickly. One of the primary duties of the Central Bank is to ensure that the currency is stable and safe from too many dynamic fluctuations that may affect short term buying capabilities of Filipinos (individuals and businesses).

A sharp strengthening of the Philippine Peso would also make it less attractive to foreign investors as their foreign currency would travel less in the Philippines. Exports would suffer as well. For Filipinos, it's good for Filipino currencies to get stronger vs. the dollar because it allows Filipinos to buy more imported goods cheaply, (and perhaps even local goods will be cheaper as well, but this can be complicated), but you also have to worry about stuff like inflation. Bottom line is, if the Philippine currency strengthens vs. foreign currencies, it should not happen in a snap.


I see. Thanks a lot!

Peso strengthens beyond 54:$, stocks up

The peso strengthened to a six-and-a-half-month high on Tuesday, breaking through 54.0 per dollar as banks sold dollars sent by expatriate Filipinos after businesses opened following a three-day weekend.

The peso climbed as high as 53.96 per dollar, its strongest level since early May. The peso has gained 4.3 percent this year, making it Asia's best-performing currency against the dollar.

As of 11:13 a.m., the Phisix was up 0.1258 percent, or 2.65 points, at 2,108.75.

The property subindex was down while the all-shares, financial, commercial-industrial, mining and property subindicators were down. The oil subindicator was unchanged.

Most active was telecoms giant Philippine Long Distance Telephone Corp., up P10 at P1,745 a share.

Meralco B was up P0.25 at P23.25.

Jollibee Foods Corp. was up P0.50 at P40.

Semirara Mining was up P1 at P27.50.

Philex Mining's A shares were up P0.06 at P1.30 while its B shares were up P0.08 at P1.58.

Bucking the uptrend were SM Prime Holdings, down P0.10 at P8.60 and First Philippine Holdings, down P1 at P49.50.

Share prices dipped on Friday as investors cashed in on recent gains.

The Philippine Stock Exchange index shed 0.6393 percent, or 13.55 points, to 2,106.10.

peso closed today at P53.945 = $1.00.. mind boggling.. :D

but i think the peso would range from the high 53 to the low 54 til the end of the year.. if it appreciates any faster it might cause some problems in our exports..

^^ true. for every million dollars we earn here, we would lose millions of pesos!

Peso up; 53-level against US dollar breached

First posted 07:56am (Mla time) Nov 30, 2005
By Doris C. Dumlao
Inquirer News Service



Editor's Note: Published on Page A1 of the November 30, 2005 issue of the Philippine Daily Inquirer


OVERSEAS FILIPINO workers seeking better rates for their dollars before the peso further strengthens helped push the local currency yesterday to the 53 level, according to the treasurer of a commercial bank.

It was the first time in nearly seven months since the country was rocked by illegal gambling and election-rigging scandals that the peso broke into the 53 level against the greenback.

The peso opened at 54.05 and surged to an intra-day high of 53.91 in the afternoon before closing at 53.945, a gain of 20.5 centavos from Friday's finish of 54.15. The closing rate was the currency's strongest finish since March 16.

Volume traded in the Philippine Dealing System amounted to $439.5 million.

"The continued peso improvement is due to sustained inflows, particularly from OFW remittances as expected at this time of the year," said Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.

He said overall positive sentiment in the market (due to progress in the government's fiscal consolidation) was also propping up the peso.

Roland Avante, treasurer at Chinatrust Commercial Bank Philippines, said "some OFWs were quite panicky, sending in more dollars so their recipients can take advantage of a higher exchange rate now before the peso further appreciates."

"Normally, when there's a long weekend, dollar supply builds up so the peso appreciates right after the market reopens, especially if there's not much corporate demand," he said.

The peso last traded at the 53 level on May 5, but weakened thereafter due to political jitters that threatened to unseat President Macapagal-Arroyo.

The uncertainties peaked when the Supreme Court suspended the expanded value-added tax law on July 1 and key economic managers led by then Finance Secretary Cesar Purisima quit the Cabinet on July 8.

Yen factor

Avante said the peso was also lifted by the strengthening of the Japanese yen against the US dollar.

He said the US dollar had failed to break past the crucial 120 resistance against the yen, thus perking up the regional markets.

Jonathan Ravelas, chief strategist at Banco de Oro Universal Bank, said there was pent-up demand for pesos over the long weekend, as OFW households exchanged dollars to meet the Christmas rush.

Since the long Christmas break is still two weeks away, more inflows are likely to pour in, allowing the foreign exchange market to retest the 53.83 level against the greenback, according to Ravales.

Record remittances

The BSP expects remittances from OFWs coursed through banks to hit a record of $10.3 billion by year's end or 20 percent better than the inflows in 2004.

Migrant workers are expected to pump in at least $11.3 billion through banking channels next year, 10 percent higher than the projected contribution this year.

The Philippines has been relying on huge remittances from OFWs to boost domestic consumer demand. Most of the remittances are from the United States, Saudi Arabia, Italy, Japan, Hong Kong, the United Kingdom, the United Arab Emirates and Singapore.

Remittances are rising although the number of Filipinos deployed abroad is declining, according to Socioeconomic Planning Secretary Augusto Santos.

"It only means one thing--our OFWs are earning more," he said.

Santos acknowledged that a stronger peso would make Philippine exports less competitive, but said that the net impact of the strengthening of the currency would be positive.

Boost exports

"The peso appreciation will not boost exports but at the same time, it will make our import bill drop. For instance, oil accounts for about 37 percent of the country's energy requirements," Santos said.

He said the further strengthening of the peso would result in more interest payment savings for the government.

Rep. Joey Salceda, chair of the House committee on economic affairs and a key adviser to President Macapagal-Arroyo, said the peso could climb back to as high as 49.50 against the US dollar-its low at the height of the Asian currency turmoil.

But he said OFW inflows were benefiting only the financial sector and were hardly trickling down to the agriculture, manufacturing and service sectors, which could pump prime the economy and benefit more people.

53!!!! :eek2:

still hoping 52 by the end of the 1st qtr of 2oo6!

hi guys... this is my first to post here (pinoy from vancouver canada)
i just checked business news (Dec 1) in the internet and noticed that ABS CBN highlighted the peso fall which is only 7 cents. in fact there are 3 articles on this. i checked the other media and this thing wasn't a news. why is this so? it really made me mad why ABS paints the negative side instead of the positive. i used to be an ABS-CBN fan specially TV patrol before but the fact that they tend to exagerate the negative side made me stop watching it. This station is not making the philippines and the filipinos in general any good. any comment?

will anyone tell me how to get rid of that "edit" button. TY

Oh Gosh, Tell me about it Vanoy2000, I absolutely deride the media here sometimes. They are such sensationalists. I was reading news headlines on star and it said, markets close lower by blah blah, and peso takes a dip. Ummmm, what dip????????? a dip of .10, what the hell???

By the way, WELCOME TO THE FORUM VANOY2000. The more the merrier on this forum, aren't we the most active country here or what?

thanks dancethingy for welcoming me.

it's always my dream to have a strong peso value. sana bumalik sa P25 to $1. some sectors say revaluation will hurt the exporters but how come hindi sila nagrereklamo kung nagdidivalue and peso? Another thing is...bakit mas mahal ang filipino exported goods compare sa ibang bansa? i notice this when i was still working in the middle east in mid 80's and here in canada. sana the exporters should really take a look at this para mas maraming magpatronize ng philippine products like mag mass produce sila with a little margin as what the chinese or thais are doing. any comment?

I'm happy for the Philippines. But aargh! I'm just about to go on vacation and my dollar is costing less and less vis-a-vis the peso. I have a balloon payment coming up pa naman.

Yes that's true Vanoy, I also noticed that Philippine-made products are more expensive than others.

That is one of the risks we have to face, Lili, especially us paying on installment basis. Tomorrow I will remit more money to cover three months of installments, and I see my dollar buying fewer pesos, wah!. :cry: Hopefully our local investment will appreciate in value to offset the loss.

Pls do tell us when you intend to back for holidays.



I'm happy for the Philippines. But aargh! I'm just about to go on vacation and my dollar is costing less and less vis-a-vis the peso. I have a balloon payment coming up pa naman.

Yes that's true Vanoy, I also noticed that Philippine-made products are more expensive than others.

well guys its just a peso and it's creeping up slowly. I guess our balikbayans have to work harder, i know i will when i get back, that's why i'm enjoying my time here.

That is one of the risks we have to face, Lili, especially us paying on installment basis. Tomorrow I will remit more money to cover three months of installments, and I see my dollar buying fewer pesos, wah!. :cry: Hopefully our local investment will appreciate in value to offset the loss.

Pls do tell us when you intend to back for holidays.

I will definitely do the same before the peso reaches P50 = $1. With more moneys being funnelled to the Philippines, we might still be able to recoup our initial expenses later on. Inflation may catch up. I think we are still getting good value for our money in investing in Philippine real estate and at the same time, contributing to the economic growth of the Philippines. The more development for the Philippines, the better. Our investments will be more attractive and lucrative.

Will fly to the Philippines on 15th and be back in the States by Jan. 9. I have a 2 day stop-over in Vancouver to meet up with a friend.

hi guys... this is my first to post here (pinoy from vancouver canada)
i just checked business news (Dec 1) in the internet and noticed that ABS CBN highlighted the peso fall which is only 7 cents. in fact there are 3 articles on this. i checked the other media and this thing wasn't a news. why is this so? it really made me mad why ABS paints the negative side instead of the positive. i used to be an ABS-CBN fan specially TV patrol before but the fact that they tend to exagerate the negative side made me stop watching it. This station is not making the philippines and the filipinos in general any good. any comment?

will anyone tell me how to get rid of that "edit" button. TY

Not only ABS-CBN but also GMA. ;)

the peso have just lost the momentum..

it's just taking a respite. :)

Everybody loves charts :D
http://img231.imageshack.us/img231/8792/phpesochart0012jc.png

Not only ABS-CBN but also GMA. ;)

That's why I prefer RPN's News Watch.

Peso firmer at 53.975:$; stocks up

The peso appreciated to 53.975 against the US dollar on Monday as other Asian currencies also firmed up, ANC reported. The peso closed higher on Monday than Friday's 54.155 finish.

The Philippine currency opened at 54.220 and the dollar was traded between 53.97 and 54.200 before averaging at 54.071. Total trade for the day was pegged at $502.50 million.

Traders said the regional currencies ignored the decline of the Japanese yen to a 32-month low against the dollar.

The Philippine Stock Exchange, meanwhile, kicked off the trading week Monday on the plus side with the main index adding 1.41 points or 0.0667 percent at 2,116.30.

PJ Garcia, chief investment officer of ING Investments, said the Phisix will likely continue its uptrend for the rest of the week.

Garcia said he expects the Phisix to hit the 2200 level by year-end as sentiment is boosted by the stronger peso and low interest rates.

He is particularly bullish on the mining sector as gold prices are at an all-time high.

The day's most active was Metrobank, which rose P1. Another lender Bank of the Philippine Island fell P0.50.

PLDT jumped P20, tracking the advance of its American Depositary Receipts. Its affiliate Piltel, a new member of the Phisix, also closed higher by P0.15.

Another new member of the Phisix Banco de Oro was also ended higher by P1.

Decliners beat gainers, 42 to 27, with 49 unchanged issues.

About 749 million shares were traded at P716 million.

How is the peso?

Peso bounces back to 53 level

MANILA - The peso returned to the 53 level, closing at 53.975 to a dollar in today's trading, as overseas Filipino workers (OFWs) continue to send more dollars home.

The peso opened at 54.22, weaker than Friday's close of 54.155. It slowly appreciated, touching an intra-day high of 53.97 before closing at 53.975. The day's weighted average was 54.071, with total trade volume reaching US D 502.5 million.

Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said remittances from OFWs, as well as inflows of foreign portfolio investments, continued to provide support for the peso.

"At the same time, there is relatively little dollar demand at this time," he said, noting that there were more OFWs and portfolio investors selling the greenback, than private companies buying the foreign currency to meet their obligations.

PSE posts highest turnover growth

The Philippine Stock Exchange (PSE) has posted the fastest rate of growth in terms of value turnover during the first nine months of the year, a World Federation of Exchanges (WFE) report showed.

The WFE said PSE value turnover as of September 2005 jumped by 146.7 percent from its year-ago level. No other exchange belonging to the WFE posted a growth rate higher than that during the period in review.

The WFE, formerly known as the International Federation of Stock Exchanges, is the umbrella organization of 50 of the worlds leading stock market operators.

The WFE report showed that Polands Warsaw Stock Exchange (WSE); came in second as WSE posted a 121.6-percent growth in value turnover during the period.

"We can interpret the data to mean that the Philippine Stock Exchange has attracted the interest of more investors even before the government implemented such welcome programs, as the expanded value-added tax," Francis Lim, President and Chief Executive Officer of the PSE, explained.

Austrias Wiener Borse/Vienna Stock Exchange came in third with a 101.6 percent growth; Jakarta Stock Exchange (JSX) grabbed the fourth place with its 89.4 percent surge; while Hungarys Budapest Stock Exchange ranked fifth with an 86 percent surge in value turnover during the same nine-month period.

Based on the WFE report, the other top performers are Norways Oslo Bors (up 80.4 percent); Sri Lankas Colombo Stock Exchange (up 76.2 percent); Chiles Santiago Stock Exchange (up 68.7 percent); Brazils Sao Paulo Stock Exchange (60.1 percent up); Greeces Athens Stock Exchange (up 57.5 percent); and Israels Tel Aviv Stock Exchange (up 56.1 percent).

Lim said he expected the PSE to perform that well after PSE-listed companies noted a 27.3-percent hike in profits in the first half of the year, and the Bangko Sentral ng Pilipinas (BSP) reported a dramatic increase in foreign investment inflows.

"The impressive earnings performance may have been one of the reasons drawing more foreign investors into the country. Data from the BSP also can attest to that as it showed that foreign portfolio investment inflows from January to the middle of this month quickened to $2.1 billion from only $291 million a year earlier," Lim added.

The WFE is the trade organization for regulated securities and derivative markets, settlement institutions and related clearing houses, and their diverse services to capital markets. It also provides a forum for communication, analysis and debate among members.

Membership to the WFE is a criterion for many national regulators and asset management institutions to allow privileged access for investment.

Furthermore, the data from the WFE indicated that the market capitalization of PSE-listed companies as of September 2005 went up by 28.9 percent from its year-ago level, outperforming its peers in Southeast Asia.

The growth in the PSE market capitalization was higher than the 20.6-percent clip enjoyed by the Stock Exchange of Thailand (SET), the 20.5 percent surge chalked up by the JSX and the 7.5 percent hike noted by Bursa Malaysia during the same nine-month period.

The market capitalization of SET-listed firms went up to $121.61 billion from $100.8 billion a year earlier; while that of the JSX surged to $73.61 billion from $61.09 billion; and Bursa Malaysia, to $181.94 billion from $169.23 billion.


----------------------------------------

This looks attractive since PNB earns alot from OFW remittances. It's probably the biggest earner amongst Lucio Tan's businesses and the white knight of PAL.

Gov’t sets offer of PNB shares

The government will sell some of its remaining shares in Philippine National Bank (PNB) in a public offer to small local investors at P43.77 a share starting next week. The government said it will sell at least 20.7 million shares in PNB from Dec. 13 to Feb. 15. The shares represent around 5 percent of PNB’s total outstanding shares. The selling price is higher than PNB’s prevailing market price. PNB closed at P31.00 Tuesday on the Philippine Stock Exchange. The sale of PNB shares to small investors is mandated by the country’s privatization laws. In its biggest privatization deal since 1997, the government in August sold a block 33.5 percent stake in PNB to local tycoon Lucio Tan for P43.77 a share, or a total P8.14 billion. The August sale raised Tan’s PNB holdings from 45 percent. Eligible investors to the latest PNB share offering include overseas Filipino workers, private and government employees, small farmers, pension and other funds, the government said. The government will continue to own a small PNB stake after this latest sale, according to officials from state-owned Philippine Deposit Insurance Corp., which co-owns the government’s PNB stake.

$1=Php 53.896 as of 12:58 PM Manila time, Wednesday Dec. 7, 2005


More News:
Stocks up 4.27 points, peso at 53.896:$ mid-trade

Share prices rose 0.2034 percent Wednesday, with the Philippine Stock Exchange index adding 4.27 points to close at 2,103.42.

The all-shares, financial, commercial-industrial and mining subindices advanced while the property subindicator retreated. The oil subindex was flat. Gainers beat losers, 44 to 25, while 64 issues were unchanged. Value turnover was pegged at P1 billion.

Top-traded telecoms giant Philippine Long Distance Telephone Co. jumped P20 to P1,785 a share.

Metrobank climbed P0.50 to P33.50.

Meralco B gained P1.25 to P24.25 per share.

Petron Corp. ended higher by P0.15 at P4.60.

Philex Mining B added P0.08 to P1.74 a share.

Philippine National Bank finished higher by P4.50 at P35.50.

Globe Telecom fell P5 to P740.

Ayala Land dropped P0.10 to P9.40 per share.

First Philippine Holdings shed P1 to P48.50.

At the currency market, the peso averaged 53.896 to the US dollar at mid-day, stronger than Tuesday's close of 53.95.

The peso opened 53.91 and the dollar was traded at a range of P53.85-P53.96. Volume has reached $354 million.

The currency was close to last week's six-and-a-half month high and dealers said it was likely to test new highs if the Bangko Sentral ng Pilipinas (BSP) did not intervene to cap its strength.

Traders said the BSP was spotted in the market on Tuesday, buying dollars for pesos to prevent the peso strengthening too far.

But the peso, which is being boosted by remittances from overseas Filipino workers (OFW), was still likely to push through chart resistance levels and test highs seen earlier in the year, they said.

"We are waiting for the central bank to come in as they came in yesterday (Tuesday) at around these levels. Without them, I think dollar/peso will easily break through the 53.90 support level," a Manila-based trader said.

If the BSP did not intervene this session, the market was likely to push the peso to the next resistance level in the 53.80/75 area, she said.

The peso is Asia's best performing currency this year. It has gained about 3.5 percent in the past two months, largely on the back of strong remittances.

"The influx of flows from the OFWs is pretty strong and we saw the same thing last year. The [dollar/peso] low for the year is 53.83 and that is pretty much the next level that everyone is looking at," the trader said. With a report from Reuters

The Peso Up

he US dollar was trading at P53.889 early Thursday.

up, up & away

Stocks up 10.18 points, peso at 53.792:$ mid-trade

alot of our foreign forumers might be thinking that the peso's appreciation doesnt really bode that well for them..

Not me. I would like the Peso to go up.
It's for the good of the majority of Pinoy living in Pinas that matters most.

i hope by the end of the year, which is weeks from now, the will be stable at 53...
then by next year..52 on its first quarter... hehe.. then by the end of 2006, its up to 50... hehe.. dream on!

alot of our foreign forumers might be thinking that the peso's appreciation doesnt really bode that well for them..

Not me either. I want the Peso to appreciate together with my investment in a condo.

alot of our foreign forumers might be thinking that the peso's appreciation doesnt really bode that well for them..
Alot but not all or even a majority. I want a stronger peso because obviously that is a sign of economic recovery for the Philippines. Actually I havent been so excited about peso appreciation and the economy in general since the late 90's when I used to read that now defunct magazine Asiaweek.

ok ok.. i take it back then.. :P maybe if everything really goes well for our country majority of you could come back and help out in picking up our country ei?

wala na palang Asiaweek, sus sobrang late na ako sa balita lol

Let's hope it hits 45 to a dollar... how long has it been since that?

:dance:
:cheer: :cheer: :cheer:


Phisix climbs 1.13 percent as peso strengthens
12/08 12:37:03 PM

Shares moved upward Thursday, the index gaining by 10.18 points to close at 2,113.60 due to cautious trading. The All-Shares market also closed higher by 4.27 points to 1,277.29.

Most of the subindicators reflected this upward movement except for finance, which closed lower by less than a point. The biggest gainer was property, which was up by 9.11 points.

Trade volume was pegged at 655 million shares worth 1.68 billion pesos. However, decliners beat advancers, 41 against 34, with 49 issues unchanged.

At the foreign exchange market, the local currency was trading stronger against the US dollar at 53.790 pesos as compared to yesterday's close of 53.950 pesos.

Peso hits 2 ½ year high, stocks up

The peso extended gains against the dollar Thursday to hit its highest level since July 2003, driven by strong remittances from overseas Filipino workers.

The currency closed 53.67 per dollar, strengthening more than half a percent from Wednesday's close of 53.985.

The peso opened 53.95 and the dollar was traded from P53.67 to P53.955. The greenback averaged P53.769 on a volume worth $570.5 million.

source: http://www.abs-cbnnews.com/topofthehour.aspx?StoryId=24281

WOWZERS

Nanghihina talaga ang US Dollar kaya samantalahin. Dapat nga nasa 40 na ang Peso kung pinapayagan lang ng mga Kano. (sila rin gumagawa ng gulo sa Pinas?) :)

Peso rallies to 2-year high
Posted: 7:32 PM | Dec. 08, 2005

Doris C. Dumlao
Inquirer

(UPDATE) THE PESO on Thursday rallied to a two-year high of 53.67 against the dollar as strong foreign exchange inflows drowned out political noises from the wiretapping and election-rigging hearings in Congress.

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said the peso was perked up by the continued influx of overseas Filipino workers remittances ahead of the Christmas season, portfolio investments, export sales and the slack in demand for dollars.

Asked whether the BSP was intervening at the Philippine Dealing System to slow down the peso's ascent as speculated by some currency dealers, Tetangco said: "Even if we're doing anything, nobody will notice it."

The peso opened near the intra-day low of 53.955 and appreciated throughout the day to close at its intra-day high of 53.67, its strongest finish since July 17, 2003. It gained 31.5 centavos from Wednesday's closing of 53.985 to the greenback. Volume at the spot foreign exchange market remained high at 570.5 million dollars.

The peso was also lifted by expectations that the BSP might hike its overnight rates again very soon especially since the central bank of Korea recently raised its own rate.

taken from inq7.net.. 53.42.. WOW.. i guess it could reach as high as 52 by the end of the year huhh? cuz they say that the 3rd week of december usually nets the highest remittances from abroad.. so more money conversion is coming..

Peso posts 53.42 to the dollar
Posted: 4:27 PM | Dec. 09, 2005

Doris Dumlao
Inquirer

THE PESO continued to improve on Friday, posting a fresh two-and-a-half year high of 53.42 against the US dollar at its closing.

The currency traded between an intra-day high of 53.38 and 53.60.

Traders attributed the peso's strong performance to the traditional Christmas remittances of Filipinos working abroad.

:cheer: go PESO! lol

tsk tsk tsk.. bad yan ahhh.. baba ang value nang $ remittance namin!

oonga. pero i'm too tired hearing bad news. when the peso value went down to 56 level it was so bad news. now that it has gone up to two-year high, i don't wanna make it sound bad no more. haha

@Dvorak: Siguro millions of dollars nireremit mo kaya pumapalo na sa 53 level ang peso. :lol:

MORE POWER TO PHIL. PESO!!!!

Philippine peso extends gains
The Philippine peso extended gains Friday, hitting a new two-and-half-year high on the back of strong dollar remittances from overseas Filipino workers, dealers said.

The peso hit P53.515 to the dollar in morning trade after opening at P53.58. This was the strongest intra-day level for the currency since it touched P53.43 on July 14, 2003.

It closed at P53.67 Thursday.

"There is a strong possibility that the peso will breach that level given the strong inflows. I’m looking at a range of 53.45-53.60 for today," a dealer at a local commercial bank said.

President Gloria Arroyo’s Cabinet Secretary Ricardo Saludo attributed the peso’s gains to remittances by overseas Filipinos, who traditionally send the bulk of their earnings to their families during the Christmas season.

However, he said investors were also responding positively to Arroyo’s recently passed tax reform package, including raising the value added tax rate by two percentage points to 12% by next year.

"Further gains are expected with the implmentation of the reformed value added tax and the expected upgrade in outlook for the Philippines’ credit ratings in the months ahead," Saludo said.

With the government also borrowing less to cover its shortfall after successfully trimming its deficit, the "peso has become the strongest currency in Asia," he said. -- AFP

^^

is this only good for xmas? then the momentum of the peso will collapse and back so the normal--55php...

To all the balikbayans :

If you wish to have your dollars exchanged for pesos, send me a PM. am willing to buy.

Tnx

http://skyscrapercity.com/image.php?u=17705&dateline=1109730121

Wow, I need to change my dollars. ;)

tsk tsk tsk.. bad yan ahhh.. baba ang value nang $ remittance namin!

paano aasenso ang bayan natin? :)

@myx -- hopefully it will be able to sustain the momentum.. let it hover around the 50:1 for awhile and il be extremely happy

At the Philippine Dealing System (PDS), the peso finished at 53.42 to the dollar, its best close since July 10, 2003 when the local currency ended at 53.41 to the dollar.

eh... Isn't this a bit too much in a couple of days? I'm starting to think the peso is rising a bit too fast, like an economic bubble that might pop. I hope I'm wrong.

eh... Isn't this a bit too much in a couple of days? I'm starting to think the peso is rising a bit too fast, like an economic bubble that might pop. I hope I'm wrong.

There is no economic bubble, the peso is indeed gaining ground mainly due to the dollar remittances from overseas noypis like us who opted to invest in the Philippines. I just hope this won't be a repeat of Christmas 2001 when the peso was artificially propped up to Php52. by the government with much hoopla but eventually recoiled back to reality at Php56.

and maybe because the US is losing in Iraq? many currencies have really gained a lot against the US dollar this past couple of years.

it might pop out after the holidays.. oh no!!!

and maybe because the US is losing in Iraq? many currencies have really gained a lot against the US dollar this past couple of years.
i never heard of US losing to Iraq

i never heard of US losing to Iraq

ok then what about US dieing in Iraq? hehe.. i mean the war caused American economy and currency to go down a bit.

The US isn't losing in Iraq, THEY HAVE ALREADY LOST. It's vietnam all over again.

i just hope it stabilizes to about 53:1 ok na muuna yun..

i just hope it stabilizes to about 53:1 ok na muuna yun..

Yeah, pangit kasi pag biglang taas ang piso. Malulugi mga exporters natin particularly when they're trying to buy time to catch up with their shipments. Yan din ang disadvantage, it would make our exports more expensive.

Yeah, that's true, but people investing in the Philippines will get more out of their money and that horribly huge govt debt can be paid much easier. Anything we import will also be much cheaper including oil. It would be bad for our country to stay around 56 or higher since the government would have to dedicate more of the money it takes in to paying foreign debt.

^there's always a downside to everything. But in this case the good outweighs the cost.

yeah! I just hope that the current political situation would not affect the peso again...

(Haay just came from a long "vacation." I mean business...)

XP sama ka sa outing namin on Dec. 19???

P/$ rate closes at P53.65 to $1

The peso rate closed lower at P53.65 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P53.42 last Friday. The weighted average rate depreciated to P53.586 from P53.449. Total volume amounted to $430.97 million.

peso is rising.... how come the goods and services too are still rising?

grabe ang mga banko ngayon.. ang tagal mag release nang remittance.. yung funds namin.. 3 araw nang nawawala.. na debit na don sa pinangggalingan.. wala pa sa account namin.. amph..

peso is rising.... how come the goods and services too are still rising?

it's christmas dear...more demand, less supply...

oo nga syempre mas madaming namimili ngayon lalo na malapit ang christmas, so tumataas rin ang price nila...

peso is rising.... how come the goods and services too are still rising?

This is a common misconception. IMO, A rising peso does not automatically mean lower prices, the main gauge, actually, is the price of oil where our economy very well depended on.

This is a common misconception. IMO, A rising peso does not automatically mean lower prices, the main gauge, actually, is the price of oil where our economy very well depended on.

Yes indeed. The new movie "Syriana" explores the relationship of oil and the world economy. Very well made and highly recommended flick to watch. :)

How the peso have performed so far this year...
with my little analysis. :cheers:

http://www.geocities.com/rmb_com/BIZ/peso.JPG

graphic source: yahoo.com

nice graph rmb, i believe that we should see the peso appreciate further into next year. How Arroyo handled that crisis was very reassuring for me and should be for investors. investor confidence and further stabilization of the budget will be cause for a stronger peso next year. We just have to hope that the politics doesn't get too rowdy and that oil prices remain where they are or go lower.

peso is rising.... how come the goods and services too are still rising?

We go to basic economics: Supply vs. Demand :)

Yeah, I think so as well. Oil prices are stated in Dollars. A rising currency acts as a cushion partly against price of oil in the market, which in theory should minimize inflation either causing the prices of goods to remain stable or even decrease known as deflation. The second factor that determines the prices of goods are taxes for example the EVAT and the third of course is the profit.

OMG... i hate economics.... hehe..

OMG... i hate economics.... hehe..

U need to love economics. It is the only way to understand the economy and to be able to deal with issues related to it rather than going to the streets without the real knowledge of what's going on, u know what I mean. Little knowledge is dangerous. :jk:

U need to love economics. It is the only way to understand the economy and to be able to deal with issues related to it rather than going to the streets without the real knowledge of what's going on, u know what I mean. Little knowledge is dangerous. :jk:

yeah i know that... i have a good grades in economics but i dont really like the subject... i just dont like it.

U need to love economics. It is the only way to understand the economy and to be able to deal with issues related to it rather than going to the streets without the real knowledge of what's going on, u know what I mean. Little knowledge is dangerous. :jk:

agree,... we should really tell that to the moronic reklamadors

i love economics nung highschool, enjoy ung mga flat ganyan, inflation, supply and demand... etc...

Simple economics tip: don't save money in a piggybank... break it now and spend the money.

Simple economics tip: don't save money in a piggybank... break it now and spend the money.

why???

why???

it won't help our economy... moneys are made to be spent not just to be kept. If we buy it with something, portions of it will benefit the employee of the store that you have spent the money then the store will gain profit then sooner it will expand giving more job opportunities to those who are unemployed and so on and so forth...

oo nga kaya nga my pera para gastusin...

it won't help our economy... moneys are made to be spent not just to be kept. If we buy it with something, portions of it will benefit the employee of the store that you have spent the money then the store will gain profit then sooner it will expand giving more job opportunities to those who are unemployed and so on and so forth...

malaki siguro grades mo sa Economics nung high school ka pa Slerz..

tsaka malaking problema nang Sentral bank yan.. mahal ang pag produce nang mga coins.. and majority are not circulated kasi nilalagay sa piggy bank.. so in the end.. they produce more and more coins that's costing the government big money.

Para sa akin, simple lang naman ang economics, it shouldn't be treated as a complicated thing coz we live it, we use it everyday, we see it everyday, we practice it everyday and most of all it's our life. If you buy a piece of candy, it's already economics. Long time ago maybe 100 yrs ago?, barter is the term they used when they want something, they exchange it with something they own in order for them to have the thing that they want...huh..hehe... They barter things coz mahirap na kng bigay ka lang ng bigay tapos walang kapalit eh hindi masusurvive ang community, mabubusog ng mabubusog yung isa tapos ang isa mamamatay coz bigay nga lang sya ng bigay na walang kapalit.
But today, we use money in exchange don sa barter process na ginagamit nila long ago. Same thing, kung tangap ka lang nang tangap ng sweldo tapos you don't spend it at tinatago mo lang sa tyan ng yong baboy... let's say that all people here in the Philippines do the same thing, ano ba ang mangyayari sa mga malls, dep't stores, sari sari stores? sa tingin ba natin magkaka profit sila? diba hindi coz no one buys their items that they sell at malulugi sila then magtatangal sila ng empleyado, so another someone who will lose a job... at magdodomino effect yan until our whole economy will be bankcrupt.

Economics is also a multiplication process
for example kung si @sugbuanon ay may income na 1 peso today, 80% of it ay ibinili nya ng pagkain sa aking tindahan, so may .8 pesos na ako... so P1 + .80 = P1.80, at that moment our economy has a total of P1.80.... dahil bumili si @sugbuanon sa aking tindahan, ofcourse I also gained profit or tubo, for example ang aking tubo ay P.50, then igagasta ko ang 50% of it which is P.25 at ibibili ko ng sabon kay @ishtefh so si @ishtefh nagkaroon din ng tubo na P.20 sa sabon na aking binili sa kanya...
So from P1.80 + P.50(tubo ni @sugbuanon) + P.25(worth ng sabon na binili ko kay @ishtefh na nagamit ko naman) + P.20(tubo ni @ishtefh sa sabon nya) = P2.75... So our total economy has a total of P2.75...... diba nagmultiply from P1 naging P2.75 and so on and so forth hangang infinity and the term for that is (infinite geometric progression)... So tayong mga simpleng individual ay isa rin sa nagpapatakbo ng ekonomiya mapa mahirap o mayaman.

May parable sa bible, The parable of _____ (I forgot..hehe) ..... There are three individuals that was given 10 silver each by their cousin... the 1st one burried the silver under the ground, the second ginegosyo niya at lumago and the third one pinabayaan lang nya at nawala. So when their cousin returned, he said saan na yung mga siver na ibinilin ko sa inyo, the third said it disappeared kase ginasto ko lng ng ginasto and he was punnished... the second said, from ten silvers now it's already 100 silvers and he was given award... and the 1st one said, here it is walang kulang at walang sobra, his cousin said to him... bobo ka coz binigyan kita ng puhunan at itinago mo lang so ngayon hindi ka pa rin umasenso and he was punnished.

So simula ngayon, katayin nyo na ung mga baboy nyo jan at kng gusto mong mag save, sa banko nalang at magkaka interes pa.
If we will not spend, others will have no income but if we spend, the one you will spend will be an income to others.


pls understand it...:D

sir slerz, when is our midterm exam and ano ang coverage? :D

Peso closes at new 2.5-year high despite Fed rate hike
Posted: 2:10 AM | Dec. 15, 2005

THE PESO rallied against the dollar Wednesday despite the latest policy rate rise by the US Federal Reserve, dealers said.

Earlier on Wednesday Governor Amando Tetangco of the Philippine central bank said the 25-basis-point rise in the US rate on Tuesday could put pressure on the exchange rate.

The US Federal Open Market Committee raised the benchmark federal funds target rate by a quarter-percentage point to 4.25 percent, its highest level since May 2001.

"Its immediate implication for the Philippines is on interest rate differential and the possible downward effect on the domestic currency," Tetangco told reporters.

However, the peso remained strong. It opened at the day's low of 53.740 to the dollar but gained all day, at one point trading at 53.440 to the greenback. It closed at 53.450, its highest rate since around mid-2003.

The peso had closed at 53.695 to the dollar on Tuesday.

It has been hovering at two-and-a-half-year highs against the dollar in recent sessions, boosted by brisk remittances from the millions of Filipinos who work abroad.

Dealers said investors in the peso may have taken some comfort from hints in the US Fed statement on Tuesday that they suggested the current cycle of rate-raising could end as early as the first quarter of 2006, provided there is no upsurge in inflation.

Ordinarily a Fed rate hike, widening the interest rate differential between the US and the Philippines would immediately pressure the peso.

"The US Fed statement indicates they may pause raising interest rates, and that is seen as a negative for the dollar moving forward," a dealer at a local commercial bank said.

Tetangco said the US rate increase was expected but did not say whether the Philippine central bank will follow suit.

"The Monetary Board will make a full assessment that would include the inflation outlook, liquidity growth, external sector developments and other relevant factors when it meets [on Thursday]," Tetangco said.

Some currency and money market dealers believe the central bank, the Bangko Sentral ng Pilipinas, or BSP, may well decide to keep its own interest rates steady at its rate-setting meeting this Thursday.

"There is not much pressure on the BSP to hike its rates," said Roland Avante, treasurer of Chinatrust Commercial Bank Philippines.

Avante said the peso would likely remain resilient against the US dollar for the rest of the year because of strong inflows from overseas Filipino workers.

The BSP has raised its overnight interest rates three times this year, by a total of 75 basis points to 7.50 percent for borrowing and 9.75 percent for lending.

sir slerz, when is our midterm exam and ano ang coverage? :D

haha... bigyan mo ako ng piso... pasar nka...hehe

so meaning, economics is here, there and everywhere... and everything!!!

hataw ang peso. yahoo

how much is the peso na?

Right now peso is 53.23, looking to break into the 52 soon if nothing is being done to stymie its appreciation.

but I think it should't be fast enough... The strenthening of peso should be prepared by our economy, too fast strenthening may cause some negative effects...

It is not strengtening too fast. Before this GArci brouhaha the peso was already 53. Before Erap it was 40 something. The peso is undervalued it should be at par with the thai baht.

I mean in a span of about 2 to 3 mos... di kasali yung kay Erap...

Are we still sharing the same league with Thailand as tiger cub economies or they way ahead of us? Because before the the 1997 Asian financial crisis the peso and the baht is =. Now its 54=45 something?

the peso was devalued in a span of 2-3 mos. also. We're not really actually gaining we're just recouping what we lost.
@ thailand
In a sense yeah they're ahead of us because the purchasing power of their currency can stretch more than the peso. But check this out when we went to bangkok pre crisis era, the peso was higher than the baht and i remember going there and thinking, man this is cool we can actually buy more with peso in thailand because their prices for commodities were cheaper compared to us.

Indeed PM Thaksin Shinawatras "Thaksinomics" works for Thailand. They're very competent now in every aspect. They're considered as Detroit of SEA, they're a major oil exporting player in the region and they're averaging to about 9 million tourist arrivals/annum. Such dollar generating machines! How can we compete to that? Probably the comparison between the baht and the peso is not that bad at all considering those factors.

Lex, we can still compete with Thailand. What we lost in tourism is gained on remittances while we are head to head with India in BPO. So what more if we try to beef up our tourism industry as well (we have a lot of potential), and be competitive too in manufacturing like China by opening up our economy even further and learn to compete. We also have a lot of mineral and oil reserves in our sleeves. They can all be done if the government is heading towards the right economic direction.

True streetdawg. :) OFW remittances is one of the major contributor to the peso appreciation. We just need a very aggressive campaign inorder to incease tourism arrivals that will eventually become an a major industry.

But question... Do you think outsourcing will stay longer in the Phils. I believe some call centers from India transferred their operations to the Phils such as Daschk and Sykes because India has reached its saturation point. The competition is now so stiff that that the basepay for Indian agents is so high for call centers to be profitable... Im not that pessimistic towards outsourcing but I beleive so much competition will drive away perspective investors to another country where operations is not that costly.

What's the peso close today?

Oh wait, FEI, the Peso-Dollar Exchange Rate closed at P53.25 at 5pm today.

And I heard it is already the strongest currenct in the world coz of today's closing @ P53.25? is it true?

True streetdawg. :) OFW remittances is one of the major contributor to the peso appreciation. We just need a very aggressive campaign inorder to incease tourism arrivals that will eventually become an a major industry.

But question... Do you think outsourcing will stay longer in the Phils. I believe some call centers from India transferred their operations to the Phils such as Daschk and Sykes because India has reached its saturation point. The competition is now so stiff that that the basepay for Indian agents is so high for call centers to be profitable... Im not that pessimistic towards outsourcing but I beleive so much competition will drive away perspective investors to another country where operations is not that costly.

Well, we can't always rely on two sources of income alone. It is the best for the interest of the country to diversify its industries. I heard that Philippine , construction and shipping industry is booming as well. I hope the government gives priorities to them. SME's too should be prioritize as well. How about the government proposing an investment fund programs for OFW's. Why not enticed them to invest in the Philippine economy in the form of stocks or bonds. Make them as investors to help them raise up capital quickly so they can establish more businesses in the country.

I read that the govt. is undertaking such a program. They need that badly. Ofw remittances are usually wasted and are not used to their highest potential. Who usually ends up benefitiing is Mr. Sy and China. They need more info campaign for OFWs regarding govt. issues. It's beneficial for both Ofws multiplying their earnigs at the same time govt. is sourcing their fundings locally, avoiding the volatile dollar exchange rate.
They do have the ideas and programs problem is it's not implemented fast enough with urgency,like other countries ei. China and INdia.

Maybe its time for the government to distribute the famous book "Rich Dad, Poor Dad" to enlighten them about the real significance of money. Not only that you made OFW's as investors, it will lower the government needs to borrow money from the foreign creditors.

I agree with Ate Marites, most of the remittances sent here should be invested instead of being used in malls and such.

I was also wondering, Since the construction of the North and South railways are GOING TO HAPPEN and prospects of an mrt 7 and lrt extension (PRAYING FOR THIS ALL THE TIME TO HAPPEN) is looking brighter and brighter, how many jobs would all this construction generate????

all time high daw since 2002 ba? good news. magiging mura ang imports. time to construct and go ahead with all those projects currently on hold.

Peso world's best performing currency in 2005, says BSP
By Doris C. Dumlao Dec. 16, 2005

Up 5.7 percent against the dollar since January, the peso is the world's best performing currency in 2005, Governor Amando Tetangco Jr. of the Bangko Sentral ng Pilipinas (BSP, the central bank) said Thursday.

Money remittances from overseas Filipino workers before the Christmas holidays and strong Asian currency markets lifted the peso Thursday to 53.16 to the dollar, its highest rate since May 2003, before closing at 53.25.

The peso opened trading Thursday at 53.35 to the dollar from Wednesday's finish of 53.45 and further firmed up ahead of the monthly rate-setting meeting of the Monetary Board.

"The peso continues to gain ground on the back of sustained inflows and slack in corporate demand," Tetangco said.

He said the "positive sentiment has resulted in more portfolio inflows while the expected increase in remittances has continued."

Turnover on spot currency market reached $437 million.

The peso has also been favorably affected by the strengthening of regional currencies against the dollar, Tetangco said.

The dollar has been weakening against Asian currencies as the greenback came under pressure from a deteriorating US trade balance, expectations that US interest rates will not rise much further and profit-taking.

"This is the start of something new," said a trader in Hong Kong, referring to the gains of Asian currencies. "The currency moves have been sharp enough to suggest that the bull trend in the dollar is over. Also, it is near the end of the year and investors want to lock in profits on the dollar."

Although the chief reason for the rally was the falling US dollar, analysts attributed some of the strength in Asia to the attractiveness of improving domestic economies and rising yields.

A narrowing interest rate differential between the United States and the Philippines usually exerts pressure on the peso to depreciate against the dollar because it makes peso-denominated assets less attractive.

The interest rate differential has narrowed this year but has not pulled down the local currency, according to Tetangco.

Jonathan Ravelas, chief strategist at Banco de Oro Universal Bank, said OFWs sent more remittances to support last-minute holiday spending.

According to a BSP report, overseas Filipino workers' (OFWs') income remittances coursed through the banking system reached $8.8 billion in the first 10 months of the year, up 27.1 percent from $6.9 billion in the same period last year. In October, OFW money inflows rose 17 percent year-on-year to $867 million.

OFW remittances data have a lag time of about two months.

Tetangco said sustained demand for Filipino workers and sustained activities by commercial banks to widen OFW access to banking services were supporting the surge in remittances.

"Global labor demand has been on the rise with the Filipino workers continuing to be consistent providers of quality human resource," he said.

Preliminary data from the Philippine Overseas Employment Administration (POEA) showed the number of OFWs deployed in the first 10 months of 2005 rose to 809,140 from 794,806 in the same period in 2004. Land-based workers numbered 602,016, three-fourths of the total.

"Over the medium term, demand for higher-paid Filipino workers -- for employment in construction, oil and gas exploration, tourism-related, health-related, information and communications technology sectors -- is expected to rise further in anticipation of the economic upturn in host countries," Tetangco said.

He noted that commercial banks continued their vigorous campaigns to provide banking services to the growing number of Filipino workers abroad by increasing the number of remittance centers and by tying up with their foreign financial counterparts.

Much of the OFW remittances came from the United States, Saudi Arabia, Italy, Japan, Hong Kong, United Kingdom, United Arab Emirates and Singapore.

The government forecasts this year's OFW remittances to reach a record $10 billion, from $8.5 billion in 2004, which was equivalent to about 10 percent of the gross domestic product.

But the BSP says remittances could be 25-30 percent higher than the amount sent through banks. Many Filipinos use informal channels for the transfers, such as visiting relatives and friends.

An estimated eight million Filipinos work abroad, representing 10 percent of the population.

Three million of them are permanent residents overseas. The five million who are not permanent residents account for 14 percent of the country's labor force.

wow, best performing in the world na nga:applause:
I hope magtuloy tuloy na to:okay:

^so i think its possible to make it from 1 to 1, whatcha think guys :D

sinusundan kita @tigidig, wahahah:D

pwede rin, sa dami dami ba namn ng problemang naalpasan nati, madali na lang yan para sa Pinas:okay:

hahaha.. wag nman kagad 1:1.. about 40:1 in 3-5 years time would be pretty damn good though..

^ its in your signature.. hehe

^so i think its possible to make it from 1 to 1, whatcha think guys :D

Then OFWs will be comin back with worthless dollars.... cheap imports will flood the market... Subic and Mactan will have no more factories... and falling tourist arrivals

hehe... ang sarap nun kung ganun..

‘Strong peso means P12b cut in debt payments’

A senior congressman yesterday expressed optimism about the Philippine peso’s steady rise, and urged government to keep the currency as the world’s best performing monetary unit.

Tarlac Rep. Jesli Lapus, chairman of the ways and means committee, said the peso rose to its strongest level in 30 months Thursday when it closed P53.25 to a dollar.

If the peso appreciation continues, it will save P1 billion a month or P12 billion in one year in debt service, Lapus said.

“At current rates, we may have enough to fund education, health, infrastructure programs without resorting to borrowings from foreign financial institutions.”

Lapus said he was hoping that the government would be able to sustain its current level even next year without relying much on remittances of overseas workers to sustain the economy.

The Bangko Sentral ng Pilipinas has reported that Filipinos working overseas sent home 17 percent more remittances last October compared to that last year.

“While seasonal but yearly inflow of remittances for the holiday season contributed to the peso strength, the BSP correctly attributed this to the favorable fundamental and technical support, particularly to renewed confidence on the Philippines as a result of the expanded value added tax (EVAT),” Lapus said.

The BSP had projected that the peso would hit as much as P53 to $1 next year.

Lapus said the peso’s performance was a reflection of the continuing market reaction to the implementation of fiscal reforms by the government.

Zamboanga del Sur Rep. Isidro Real Jr., vice chairman of the committee on appropriations, said the peso’s strength, may also result in lower prices of commodities as a strong local currency means less import costs.

At present, Real said, the country remains heavily dependent on imported raw materials and even oil for production and processing of goods.

He said that an economy managed properly will bring more opportunities to more Filipinos next year.

“The only impediment I see is a resumption of the political noise, so we are urging all political leaders to support the economy and people, instead of vested political interests,” he said. Romie A. Evangelista

i dunno the wisdom of this.

the canadian dollar went, from the time i arrived in 2000, 26 to 45 something pesos. all the doomsayers here that with the strong cdn dollar, cdn industries will be affected. but it was another story, it prove to be this, the industries can be resilient if they want to. one news item is, the exports (cdn) have gone up. even with the oil prices whipping us up, we can probably adjust and be creative and everybody ends up happy. so industries can up the productivity ending still in cheaper exports.

with the philippine pesos growing stronger, are we to be happy? certainly. ang magagalit siguro are those receiving remittances from abroad, meaning a stronger peso, lesser amount to be received. if the peso gets stronger, then chances are we have have cheaper imports. as the article above said, lesser amount to service the debts. maybe more money going to social and other services.

what about the philippine industries? well, as i've said above, we can be resilient if we want to.

Then OFWs will be comin back with worthless dollars.... cheap imports will flood the market... Subic and Mactan will have no more factories... and falling tourist arrivals
Ofws are no more. they work home. We are investors in cheap labored countries such as China and Vietnam coz the peso is so strong. Costs of housing, condos, are so reachable and attainable by the masa coz imports are so cheap. We are the tourists and not the tourisee. and for finale .. our GDP and GNP is multiplied by 53 making it a whooping 15 billion dollars making it about 50000 us dollars per person ,instead of 1000 US dollars. hehe
Really when the peso was around 26 pre crisis era, regular office workers can afford to travel to bangkok and hongkong. Our gdp was double what it was now. Now they have to spend twice as much to go anywhere. OUr travel industry was fllourishing then, lots of travel agencies opened. AFter the peso crashed a lot of themclosed down, same with stock brokerage companies.

Peso hits 31-month high of 53.16/dollar

I hope we can pin it down to Php50 - US$1.00.
Paano na nga po pala kung matapos na yung pagbuhos ng
remittances for this Christmas season? Syempre hindi naman
all year round ganito kalaki ang dollar remittances ng OFWs natin.

Although a lot of OFWs have ongoing investments as well as relatives in P.I. that need to be financially supported, at the rate the peso is going vis-a-vis the dollar eventually remittances will decline. With a still volatile economy and Philippine politics that's fairly (un)predictable OFW will hang on to their dollars so it'll be a wait and see attitude for most.

I hope that OFW's would not just send remittances here, but rather invest their money here. It would be more beneficial in the long-term than just sending dollars. Well, that's just my opinion.

many OFWs send money for their relative's education back home. i believe education is one of the best investments one could have.

^ That's our case, you know this OFW thingy is not a good thing since families are torn apart, literally. My dad went to work abroad even before I was born. Although he comes home yearly, it's still different when both of your parents are permanently living with you. All of these just because of our poor country, sometimes it makes me wish to be born American or European. You know what Ron Weasley said to Harry: "I hate being poor". The Philippines is finally gaining momentum but too late, I'm old already if we would have been richer years back, no kid would experience not living with his/her parents.

I hear you otakaw. The sins of our forefathers are being felt by their children. It's sad isn't it. There are people who lived all their life to one day see a prosperous Phils free from poverty and never lived to see it, like that columnist what's his name benigno ,my father. Oh well at least make it a goal that it won't happen when you finally do have your own children.

i think next year the peso will hit back at 54... or worse 55... i hope it wouldnt happen.. :)

The PESO closes @ P53.44-1$

^^ okay na yun, pero sad pa rin na bumaba ng konti ang peso. Hope it will increase its value ASAP :)

Actually, it increased by a cent since last time, it was at P53.45

I think it decreased by a cent...:)

Ay, lalisan pa jud. Basta, IT CHANGED A CENT! :D

:DLoL:D

it appreciated by a cent na lang para hindi kayo mag-away hehe!

Let's move forward.. the peso is at 53.487 at this moment...

Peso closes lower than previous @ P53.53 = $1

as long as it is 53.++ thats good for me... :D

^^ amen to that..

Actually, the currency is stabalizing itself and its a good thing. Imagine from 55 to 53? Next year hahataw ang piso given that there is no political noise.

^^

and some sort of crisis.. :D

^^ I want it back to 35 = 1... the way it was.. in 2000,.. does anyone here realise that the peso actually went from 20 =1 to 45=1 during erap's time... sheez thank goodness he was removed before he finished his term or the peso would be most prolly be 100=1

^^

woah... i didnt know that... maybe i was just still a kid at that time..
but will we gain some investors if the pesos rises to 35=1...?

^^ we were already pulling in a lot of investors and tourists during Ramos' time and our nation was referred to as the tiger cub and many analysts predicted that by 2001 we'll reach tiger status..... stupid erap...

BTW, today's close is P53.40=$1

^^ I want it back to 35 = 1... the way it was.. in 2000,.. does anyone here realise that the peso actually went from 20 =1 to 45=1 during erap's time... sheez thank goodness he was removed before he finished his term or the peso would be most prolly be 100=1
i thought 20's exchange to a dollar happened during the 80s, well if it was during his administration, yeah that guy, erap, should be in jail for the rest of his lifetime

The Philippine currency closed at 53.25 against the dollar, stronger than Wednesday's 53.40. s

Socks up 3.58 points & closed at 2,078.58.

^^ :applause: Bravo Peso!

its 53.40 now! :D

^^^^ ummmh, no its not. R53.25 is today's Dollar-Peso exchange.

THE PESO STORY

Ramos time...
1992-June 1997 => Peso was stable at 24-26, with the tight monetary policy of the BSP and pegging the peso at 26 to the US dollar (meaning the currency is restricted to go beyond or below 26 just like HK$ or chinese yuan)....

then.... the Asian financial crisis came in.. and the peg on the peso in July of 1997 was scrapped and became a free floating currency. The peso was devalued on that very day at 30.. and continue to depreciate as the crisis persist. When the term of Ramos ended, the peso was at 39. But is expected to stay at that level or will appreciate, given the "recovery" expectations.

then ERAP came in.... there was recovery in the economy but DISAPPOINTING plus the inability of erap to govern and his lack of knowledge in economics made the peso depreciate further from 39 -> 42.

With the insurgency problem in Mindanao (birth of ABU SAYYAF), and the stupid decision of erap to rage war on insurgents brought the peso to 45. And the scandal on the financial markets (BW scandal) did not help either.

On October 2000, when the chavit singson expose surfaced and the impeachment trial in place, the peso depreciated from 45 -> 55. That's a severe depreciation given a short period of time of 3 months! (Oct 2000 to Jan 2001).

Then GMA came in, and the peso rallied from an all time low of 55 to 47 in one day!... that was during the Edsa 2.

However, the peso depreciated further due to political instability, huge budget deficit and the terror fears of course, thanks to the Abu Sayyaf. The peso hit an all time low of 56.4

In the beginning of this year, the peso rallied to 54 with optimism on solving the budget deficit and the political stability however when Garci showed up and the opposition pressing for GMA to resign, the peso plunged to 56.3 nearly breaking the all time low.

And now its 53.25... thanks to OFW remittances and improving economic scenario. That's all my story about the peso... :)

wow.. thanks rmb!

When the peso finally hits 39, we'll be back to where the country was before Erap and his friends ruined everything!

amen! curse yan si ERap.

When the peso finally hits 39, we'll be back to where the country was before Erap and his friends ruined everything!

Lets hope so. :)

that's right. I remember preasiancrisis era. Thai baht and Peso exactlyl the same. ARound 26-27 . Then the asian crisis the thai baht was devalued 100%. it went up to 50 something. While the peso managed to stay in the 30s. But what happened was since then ,the Thai baht has slowly regained its value and appreciated constantly due to economic reforms and stability ,while the peso, touted to be the least affected by asian crisis slowly even depreciated because of incessant politicking and scandals as soon as ERap took office.

whats the use of the rising of the peso if the price of goods and services too are rising....

The Philippine Peso closed @ P53.27 against the US Dollar.

whats the use of the rising of the peso if the price of goods and services too are rising....

Rising peso means lower costs of importation. Lower costs of importation means lower prices of goods.

Lower costs of oil since its in dollars as well. Althought EVAT can be implemented, the impact will be less severe than an expensive dollar.

In effect, an appreciating currency acts as a cushion to basic commodities that we import such as oil. :)

Also, rising peso means lowering of $$$$ debt due.
This year the Philippines has saved more than $500million dollars on debt service due to the appreciation of the peso.

^^ That's right! Wow, look what a P3 appreciation can do to lower debts!!

whats the use of the rising of the peso if the price of goods and services too are rising....

The prices of goods and services will diminish only after a period of time, not instantly. ;)

tama ka diyan sinjin.

^^ yes, ... what I h8 most is the ignorant masang pilipino hu tend to make reklamo agad instead of understanding the situation...

Sinjin, what you are talking about is the decreasing of inflation known as deflation and you are correct in your analysis that decreases in prices won't be abrupt. It usually happens when the economy is becoming more stable.

^and fueled by jealous power hungry politicians.

^^ yes, ... what I h8 most is the ignorant masang pilipino hu tend to make reklamo agad instead of understanding the situation...

Have you heard of this: The masses are asses. :lol:

^^ yes.... cough*oposisyon*

Have you heard of this: The masses are asses. :lol:

oh yeah.... :cheers:

All the masses see are political personalities on TV just like their usual artista. The media feeds them with these kind of information because its money. Most economic, industry or any other types of developments usually doesn't click. It is the reason why the media is unbalanced and unfair in their reports. Have you noticed that these media people fully caters the masa through its noontime shows like Eat Bulaga and Wawawee. I consider them as a Televised National Peryahan. :lol:

^^ and don't forget the political affinity of all these artistas.....

All the masses see are political personalities on TV just like their usual artista. The media feeds them with these kind of information because its money. Most economic, industry or any other types of developments usually doesn't click. It is the reason why the media is unbalanced and unfair in their reports. Have you noticed that these media people fully caters the masa through its noontime shows like Eat Bulaga and Wawawee. I consider them as a Televised National Peryahan. :lol:
ye thats why i dont doubt that shawi or cris will be a president in the future

Kung si Kris ang maging pangulo natin, baka gawin nyang conyo ang national language natin!

Okay pa si Shawi, patatabain tayong lahat! O baka tayo ang magpapataba sa kanya.

:rofl:

kay shawi na lang ako. sa kanya unti-unting mararating, kalangitan at bituin.

High school life pa lang ina-ambisyon niya na ito. sabi niya, sana wala nang wakas pero sa isip ko naman baka init lang yun sa magdamag, pero pangako sa yo magiging presidente si shawi. Ang mga proposition niya ay gamitin ang yaman-likas katulad ng mga tubig at langis, at ito'y hindi haka-haka lamang o bituing walang ningning.

P.S I love you

LOL, Tee. that was a nice one :hilarious:

peso is nearing 52... hehe.

High school life pa lang ina-ambisyon niya na ito. sabi niya, sana wala nang wakas pero sa isip ko naman baka init lang yun sa magdamag, pero pangako sa yo magiging presidente si shawi. Ang mga proposition niya ay gamitin ang yaman-likas katulad ng mga tubig at langis, at ito'y hindi haka-haka lamang o bituing walang ningning.

P.S I love you

Yan ang magiging SONA ni President shawi.

Exporters cry they are losing edge due to surging peso
By Des Ferriols
The Philippine Star 12/25/2005

Exporters are complaining they are losing competitiveness due to the appreciation of the peso, but monetary officials said productivity gains should be the measure of competitiveness and not the strength or weakness of the peso.

Amid increasing complaints from exporters, the peso has been strengthening steadily against the dollar, setting new two-year highs after dropping to as low as P56 to the dollar for the most part of the year.

According to the Bangko Sentral ng Pilipinas (BSP), the peso has been the best performing currency in the region, bolstered by record-high remittances from overseas Filipino workers (OFWs).

The BSP reported yesterday that the peso had already appreciated by as much as 4.7 percent from January to November. The strengthening currency has helped ease the country’s foreign debt burden, but at the same time has reduced the country’s competitive edge over comparable currencies in the region.

A stronger peso means Philippine products would be more expensive when exported abroad, local export-based industries have started to complain of the immediate impact on their bottom line.

But monetary officials said the appreciation of the peso is doing more good for the country’s macro-economic fundamentals and the long-term effect would benefit industries as well.

"It is true that we are losing competitiveness as the peso appreciates, but I think it should be interpreted more broadly," said BSP Deputy Governor Diwa Guinigundo.

According to Guinigundo, competitiveness of Philippine exports should not be nailed to the strength or weakness of the peso against other currencies but instead be based on more fundamental factors.

"Competitiveness has more to do with productivity gains, not just foreign exchange rate," Guinigundo said.

BSP Governor Amando M. Tetangco Jr. said that the peso’s appreciation was also remarkable in that its rise had been steady but sure, prompting market analysts to tag the peso as this year’s best performing currency in the region.

Tetangco said the peso had one of the lowest rates of volatility in the region at 1.4 percent. This, he said, compared well with the volatility of the Singaporean dollar at 1.38 percent and close to the volatility rate of the Korean won of 1.51 percent.

In contrast, the Japanese yen was the most volatile currency in the region at 4.45 percent while the Thai baht followed with 2.79 percent volatility rate and the Indonesian rupiah at 3.58 percent.

"The peso continues to gain ground because of favorable factors such as the sustained inflows from portfolio investments and OFWs," Tetangco said. "On the other side of that is that this time of year, corporate demand for dollars is relatively moderate."

Tetangco said the peso is likely to remain strong for the remainder of the year, bolstered by OFW remittances. "Remittances might actually continue to be strong until the first quarter of the year," he said. "It’s conceivable that the peso would be able to sustain its momentum."

The BSP has forecast remittances to hit a record high of about $10.3 billion this year, up about 21 percent from $8.5 billion in 2004.

that will teach them to be more innovative and improve their products. What the hell did they do when the peso was 40 to 1, they survived back then ,they'll survive now. me me me

^^ There's no other way but for them to think out of the box by improving their existing products so they can sell well.

oh yeah...exporters are crying when the peso is appreciating. how about when the currency is depreciating?
actually philippine products are more expensive compare to that of thailand and other asian countries. i notice that when i was still working in the middle east and now here in canada. no matter how i tried to patronize our products but sometimes it won't make sense. just give u an example....a pinoy bihon of 227 grams used to be C$ 1.17 now it's C$.99 while thailand bihon of 500 grams costs C$.99. although pinoy bihon is whiter but when you cook it, the result is the same pansit.
thailand products have better labeling/packaging too sa karamihan products nila.
back in the 70's, taiwanese are smuggling bangus fingerlings, now they are exporting those bangus here and i suppose to other countries too.
exporters should produce more to offset their fixed cost and lower their sales cost to be competitive. ang second nature ng pinoy is to become an overnight millionaire.
another example, mga pilipino restaurants dito ang mahal compare to vietnamese. also pinoy products in pinoy stores are more expensive than pinoy products in vietnamese stores. bat kaya hindi natin gayahin ang mga chinese/vietnamese na maliit mag-mark up pero kinukuha na lang sa volume?

any comment?

i totally agree. They need to be more competitive to lower their costs.

^^ It has to do with culture. Filipinos like to gain instantly and don't want to put a lot of effort in marketing strategies. Filipinos don't think in terms of medium range or long-term planning.

yes! definitely on the losing end talaga ang exporters. but it will be a jump up for the importers who will be paying less peso for their imports.

Stocks down, mid-day peso 53.214:$


The Phisix kicked off the trading week in the red on Tuesday, ANC reported. The main index retreated 22.86 points or 1.0827 percent to close at 2,088.60.

Value turnover was light at P284 million.

Mark Alan Canizares, senior analyst at Citisec-online.com said trading activity is expected to remain thin for the last three trading days of the year as most investors are on a holiday mood.

He, however, said some investors may be positioning ahead of the others for next year.

The day's most active was PLDT, which ended unchanged at P1,810.

Its rival Globe Telecom dropped P20 at P715.

Globe's sister company BPI also closed lower by P1.50 at P54.50.

Bucking the downtrend was Philex Mining B, which rose P0.02 at P1.74.

Another mining issue Semirara Mining also closed higher by P1 at P28.50.

At the currency market, the peso averaged 53.214 against the greenback in early trading, stronger than last week's 53.27 close.

The Philippine currency opened at 53.20 while the US dollar was traded between P53.24 and P53.20.

Volume for the morning session was at $109 million.
http://www.abs-cbnnews.com/storypage.aspx?StoryID=25764

Peso closes at P53.18 = $1
:cheer: :cheer: :cheer: :cheer: :cheer:

nearing 52.... yipeee!!

Well, seems no economist hav predicted that the peso will close at this level this year. :bash: Everybody seems negative.. and it turned out to be the opposite.. thank God! :)

^^ Amen.

Kung si Kris ang maging pangulo natin, baka gawin nyang conyo ang national language natin!

Okay pa si Shawi, patatabain tayong lahat! O baka tayo ang magpapataba sa kanya.

:rofl:

baka magkaroon ng branch ng McDo sa .... malacanang...cool

Peso closes at P53.18 = $1
:cheer: :cheer: :cheer: :cheer: :cheer:

nakakatuwa yang cheering squad mo! :D

^^Uu nga at mas dadami pa 'yan if the peso rises to the 52 point. :cheer:

^^ I'm praying it will hit 50 soon ... and 40 one year from now...

IMO, right now, the real value of the peso is at 45.. but must stay at that level to stay competitive.. :)

IMO it should be around 35. A little under the thai baht before the ERap scandals. It's not really farfetched considering all the OFW money inflows compounding yearly and political stability.
Problem is all these damn politicos are so presidentiable hungry they all want GMA to cut her term short and play musical chair which always interrupts the momentum. damn!

High school life pa lang ina-ambisyon niya na ito. sabi niya, sana wala nang wakas pero sa isip ko naman baka init lang yun sa magdamag, pero pangako sa yo magiging presidente si shawi. Ang mga proposition niya ay gamitin ang yaman-likas katulad ng mga tubig at langis, at ito'y hindi haka-haka lamang o bituing walang ningning.

P.S I love you


Lagot ka kay Cheri Gil. Ayan oh, may dalang isang basong tubig. :jk:

oh yeah...exporters are crying when the peso is appreciating. how about when the currency is depreciating?
actually philippine products are more expensive compare to that of thailand and other asian countries. i notice that when i was still working in the middle east and now here in canada. no matter how i tried to patronize our products but sometimes it won't make sense. just give u an example....a pinoy bihon of 227 grams used to be C$ 1.17 now it's C$.99 while thailand bihon of 500 grams costs C$.99. although pinoy bihon is whiter but when you cook it, the result is the same pansit.
thailand products have better labeling/packaging too sa karamihan products nila.
back in the 70's, taiwanese are smuggling bangus fingerlings, now they are exporting those bangus here and i suppose to other countries too.
exporters should produce more to offset their fixed cost and lower their sales cost to be competitive. ang second nature ng pinoy is to become an overnight millionaire.
another example, mga pilipino restaurants dito ang mahal compare to vietnamese. also pinoy products in pinoy stores are more expensive than pinoy products in vietnamese stores. bat kaya hindi natin gayahin ang mga chinese/vietnamese na maliit mag-mark up pero kinukuha na lang sa volume?

any comment?


I saw Mina Gabor in one interview. I think she's now involved in DTI, I'm not sure which department exactly. She cited an example on how Pinoys are now coping with the current China phenomenon. Our ceramics industry was badly affected by the sudden flooding of cheaper ceramics from China. Now, those ceramics makers who were affected started buying the basic Chinese ceramics, updated them, did more handpainting and gave them an upscale look. Then they exported it outside at a much higher price. Madame Gabor said there is no point in competing with China head on or Thailand for that matter. We just have to work our way and find other markets if we see competing is unrealistic. She also mentioned that the textile industry will start doing the same approach. They'll be buying cheap basic textile from India, they'll improve it and release it in the upscale market.

well the question is does cheap = quality??? If we buy cheaper textiles or ceramics from India or China will they fall apart the day after you buy them.

I mean no dis to China, but everything i've bought from China was a piece of @#%& that falls apart in less than a month.

i dont know if im hearing this true but some of our product were branded to be made from another country

It is true i bought a rusty lopez shoe and i peeled off the sticker under Ruzty lopez and it said made in CHina.

that just pisses me off.
I say let's create a shit list of Pinoy products claiming to be 100% made in the philippines, but not really. Crazy bastards

1. Rusty Lopez

that's true we should make them liable and boycott their products. ^

^^ Our electronics industry is doing well though. I have a radioshack cordless phone made in the Phils, a mini Sony boombox, even my RAM chip on my PC. hehehehe.

We also have clothes here made din doon. Ang problema kasi sa atin, malaki ang costs of production sa atin lalo na ang kuryente. Besides, we dont have enough machineries to mass produce them. We rely on hand mades particularly pag sa mga sapatos, We lose that way.

You can't also blame rusty lopez because who knows they want to survive as well. Maybe its cheaper to import in quantity rather than produce them. Its business. I would like Napocor to be privitized right away to give us competitive electrical rates, massive infra spending on transportation to reduce costs and expand our microfinancing programs.

Peso right now is 53.067, getting ready to break into the 52 level!



Stocks down by 1.01 percent due to profit-taking, peso strengthens
12/28 1:48:54 PM

Profit-taking overtook stocks Wednesday, the index closing lower by 21.28 points to 2,067.32. The All-Shares market also closed lower by 10.94 points to 1,257.11.

Most of the subindicators reflected the downward movement of the index except for oil, which was unchanged. The biggest loser was commercial/industrial, down by 28.40 points.

Trade volume was pegged at 265 million shares worth 666 million pesos. Decliners beat advancers, 39 against 22, with 40 issues unchanged.

At the foreign exchange market, the local currency was growing strong against the US dollar at 53.064 pesos as compared to yesterday's close of 53.180 pesos.

Yeheyy! Sana even after the holidays, this trend continues kahit 45 lang he he

^^ It will happen pag wala na masyadong politika sa atin. Good news. 50 is within the reach.

You can't also blame rusty lopez because who knows they want to survive as well. Maybe its cheaper to import in quantity rather than produce them. Its business. I would like Napocor to be privitized right away to give us competitive electrical rates, massive infra spending on transportation to reduce costs and expand our microfinancing programs.
But that is deceiving the public. He's disclosing in public that his products are pure pinoy made. He should issue a disclaimer then so for those who wish to patronize philippine products are aware that they're actually purchasing a China made product. We are not a US that other industries can make up for lost in another industry dwarfed by CHina. We need to start patronizing pinoy products to help the little manufacturing industries we have.

You can't also blame rusty lopez because who knows they want to survive as well. Maybe its cheaper to import in quantity rather than produce them. Its business. I would like Napocor to be privitized right away to give us competitive electrical rates, massive infra spending on transportation to reduce costs and expand our microfinancing programs.
But that is deceiving the public. He's disclosing in public that his products are pure pinoy made. He should issue a disclaimer then so for those who wish to patronize philippine products are aware that they're actually purchasing a China made product. We are not a US that other industries can make up for lost in another industry dwarfed by CHina. We need to start patronizing pinoy products to help the little manufacturing industries we have.

^^ Well, we simply need to compete. National patronage is a good thing but economics is more important because our lives depend on it. Why are there so many people downloading music illegaly online or buy pirated stuff - simply because its cheap and some quality isn't that bad either. Why is there a lot of job losses in the US? Because they outsource them in the Philippines or India since its cheaper to do so. Do you think these multinational companies care about Americans in their own homeland losing their jobs to overseas? I don't think so. The reason - cost reduction. Cost reduction makes your product or service more competitive and at the same time providing good quality to customers or consumers.

Your rusty lopez issue happens to a variety of products. When you say Sony, most of us think that its made in Japan. How come most Sony products are not from Japan nowadays. You'll most like see that its made in China, Malaysia, Philippines and from whatever country its made from.

Peso closes at P53.08 = $1
:eek: :cheer: :cheer: :cheer: :cheer: :cheer: :eek:

Peso seen to sustain luster in 2006; more rate hikes seen



Subscribe to Business News SMS Alerts on your mobile phone! Send ON EXTRA BUSINESS to 2207 for Globe, or EXTRA BUSINESS to 386 for Smart.

AFTER a stellar year, the peso is likely to sustain its rally into 2006 as brisk remittances from Filipinos overseas continue and inflation remains in check despite another impending increase in a sales tax, economists said.

The best performing currency in Asia in 2005, the peso has gained more than five percent against the dollar this year, currently trading at two-and-a-half-year highs around 53 levels.



Currency strategists and economists predict the peso could trade as high as 52 against the dollar in the first quarter of 2006, a level not seen since May 2003, as over eight million Filipino workers abroad continue to send money home and the central bank lifts interest rates to contain inflation.

"We expect remittance inflows to keep the peso stable with any political and fiscal uncertainties remaining the key downside risks," economists at United Overseas Bank of Singapore said.

Money sent by Filipinos working abroad is expected to reach a record 10.7 billion dollars this year, according to central bank estimates.

Another increase in the central bank's benchmark overnight rates will keep the peso's gains intact, economists say, as monetary authorities rein in rising consumer prices.

The government is slated to increase the value-added tax (VAT) on goods and services to 12 percent from 10 percent on February 1, a move that should cause consumer prices to jack up.

However, economists polled by XFN-Asia estimate inflation to average 6.8 to 8.1 percent in 2006, compared to the projected range of between 7.7 and 8.0 percent in 2005. Inflation stood at 6.0 percent in 2004.

The National Economic and Development Authority predicts inflation will rise a faster rate of 8.0 to 8.5 percent in 2006 from the estimated 7.7 to 7.9 percent for this year.

Thanks to a stronger peso, economists said the impact of the VAT hike on inflation next year might be cushioned. The problem is, inflation worries may be enough reason for the central bank to increase key interest rates again.

Euben Paracuelles, an economist at DBS Bank in Singapore, sees another 50-basis point rise in the central bank's key rates next year, which he said might take place in the second quarter.

"The central bank has cautioned on inflationary pressures from the implementation of the [expanded value-added tax]. We will likely see some of that reflected in the January-February inflation numbers, and further beyond as the VAT rate is raised to 12 percent [from 10 percent currently] by February," he said.

As a result, Paracuelles forecasts consumer prices will rise an average 8.1 percent in the coming year, up from an estimated 7.7 percent in 2005.

The central bank lifted rates three times this year by a total of 75 basis points to bring the overnight borrowing rate to 7.50 percent and overnight lending rate to 9.75 percent, their highest levels in four years.

"Even though the bias is towards higher rates, we expect the extent of monetary tightening to be moderated by [the peso's] strength which would in turn reduce the impact of higher energy costs," UOB said in its quarterly global outlook.

UOB expects inflation to ease to 6.8 percent in 2006 from a projected 7.7 percent this year.

And it sees the peso rising further to 52.50 to the US dollar in the first quarter of 2006, still supported by brisk remittances from Filipinos abroad and possibly by credit rating upgrades for the Philippines as its fiscal outlook improves.

Even bolder, Banco de Oro Universal Bank market strategist Jonathan Ravelas, said the peso could hit a high of 52 to the dollar early next year and help inflation ease to average 7.5 percent next year from an estimated 8.0 percent in 2005.

Ravelas said he expects the central bank to hike its overnight rates by up to 100 basis points for the whole of 2006.

But analysts also say the peso can easily give up its gains if the political situation in Manila heads for the worse.

Despite surviving an impeachment attempt, President Gloria Arroyo's popularity continues to sink despite her government's efforts to carry out fiscal reforms as allegations that she cheated in the 2004 elections persist. Arroyo has denied the accusations.

At the height of the political crisis in June, the local currency was closing in on its record low of 56.45 to the dollar, regaining ground only in the latter part of the year when remittances started pouring in.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2005&mon=12&dd=28&file=11

Peso closes at P53.08 = $1
:eek: :cheer: :cheer: :cheer: :cheer: :cheer: :eek:

Just bringing this to the new page. :laugh:

this is just for the mean time i suppose...

"The dollar will fight back the peso by the year 2006.." -Jojo Acuin..

i have have faith in him... because he is truely a good fortune teller...

^^ In My Opinion, no one can really predict the future. ;)

the peso is gaining its strenght again! just hope this will keep up cause if the dollar remittances will slow up after holidays then our peso will be up and down.. hope it will not happen. i'm looking forward now on reading the annual report of BSP and PSE for the year '05.

^^ In My Opinion, no one can really predict the future. ;)


well in that case he can.. he even predicted that gloria will win over her foes despite the cheating issues.. courtesy of JOJO acuin, nov.2003 mag...

^^ Maybe it was just a coincidence. Well, we can't tell.

Peso emerging as strongest Asian currency



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(UPDATE) THE PESO rallied to its two-and-a-half year high of 53.03 versus the US dollar, boosted mainly by strong remittances from abroad and market optimism brought about by the government's improving fiscal situation.

The intra-day high of 53.03 hit during Wednesday's trading was the highest since May 2003.



The peso closed on Wednesday at 53.08 versus the greenback from Tuesday's close of 53.18, thus emerging as the strongest Asian currency.

"Positive sentiment about the country's fiscal performance continued to support the currency," said Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.

President Gloria Macapagal-Arroyo was elated over the strong showing of the peso.

"It's good time to look forward because as an indicator, the peso's performance against the dollar has simply been stupendous," Arroyo said in a televised statement from Baguio City.

"It's now considered as the best performing currency in the world," she said.

Arroyo attributed the strong peso to overseas workers' remittances, good portfolio investments, and to exporters starting to unload their dollars.

She also said that the Philippines has been recognized by Spain as a priority investment area because of its improving economy.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2005&mon=12&dd=28&file=12

It is true i bought a rusty lopez shoe and i peeled off the sticker under Ruzty lopez and it said made in CHina.

Good thing I'm not a fan of Rusty.

I buy Manels. Wait, let me check the bottom of my shoes real quick. Baka made in China din to. heheheheh! :)

this is just for the mean time i suppose...

"The dollar will fight back the peso by the year 2006.." -Jojo Acuin..

i have have faith in him... because he is truely a good fortune teller...


OMG. Mr Acuin you might wanna check you crystal ball again! Please change your prediction! :no:

Amazing Philippine Peso! :rock:

Peso closes at fresh 2.5-year high

The peso rose to a new 2-1/2-year high yesterday, underpinned by continuing inflows of remittances from Filipinos working overseas in thin holiday trade.

The peso closed at P53.08 a dollar, up a quarter of a percent from Tuesday and at its highest level since May 2003.

how about with the euro to peso any idea ?? :)

Peso closes at fresh 2.5-year high

The peso rose to a new 2-1/2-year high yesterday, underpinned by continuing inflows of remittances from Filipinos working overseas in thin holiday trade.

The peso closed at P53.08 a dollar, up a quarter of a percent from Tuesday and at its highest level since May 2003.

wow! But not everyone's celebrating. it's bad news for those wanting to change their Dollars to Peso.

yup, sudden drop of the dollar rate means headache to several...

wow! But not everyone's celebrating. it's bad news for those wanting to change their Dollars to Peso.

maybe they have relatives working abroad.. :D

maayong buntag diha slerz..

how about with the euro to peso any idea ?? :)

Well, right now 1US$ = P53.03 = E0.8451

So therefore: P53.03/E0.8451 = P62.75 :)

you could find more currency conversions here..

http://money.inq7.net/currencies/view_currencies.php

taken from mb.com.ph..

BSP sees peso firming past 53:$ in 2006

Bangko Sentral ng Pilipinas Governor Amando Tetangco said on Thursday he expects the peso to strengthen past 53 per dollar with continued strong inflows of remittances in early 2006.

Tetangco told reporters the expected rise in the value-added tax rate to 12 percent from 10 percent in February would boost investor confidence in the Philippines, helping to further lift the peso.

"The peso can hit better than 53 next year," he said.

The peso closed the year at 53.09 per dollar, a 6.1 percent gain from 2004 to make it the best-performing currency in Asia this year.

BSP says peso may rise past P53:1$ in early 2006
Posted: 3:20 PM | Dec. 29, 2005

Erik de la Cruz
XFN-Asia

printable version email a story write the editor feedback


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CENTRAL bank governor Amando Tetangco said the peso, Asia's best performing currency this year, is likely to sustain its gains and rise past 53 to the US dollar in early 2006 on expectations of more remittances from Filipinos abroad.

"It may possibly be better than 53," Tetangco told reporters.



The peso settled at 53.09 to the dollar at the close of half-day trading on Thursday, the last for 2005, on volume of 138.63 million dollars. It closed at 53.08 on Wednesday, its best finish since May 2003.

The local currency had gained 5.7 percent from the end-2004 level of 56.28.

Trading at the spot currency market was shortened to give banks time for year-end settlements. The market will be closed on Friday for a public holiday and trading will resume on Monday.

The central bank expects remittances to hit a record 10.7 billion dollars this year.

Tetangco said the peso's strength should remain intact "for as long as reforms are sustained."

The government is slated to raise the value-added (VAT) tax on goods and services to 12 percent by Feb 1 from 10 percent currently. The higher tax comes after the government lifted the VAT exemption of items such as oil and electricity from Nov 1 in a bid to shore up revenues and plug a massive budget deficit.

Currency strategists and economists say the peso could rise to 52 in the early part of next year, but may easily give up any gains if political and fiscal uncertainties arise.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2005&mon=12&dd=29&file=8

Peso closes the year 2005 at P53.09 = $1
:eek: :cheer: :cheer: :cheer: :cheer: :cheer: :eek:

Today's trading will be the last for year 2005 since tomorrow is a non-working holiday.

Currency strategists and economists say the peso could rise to 52 in the early part of next year, but may easily give up any gains if political and fiscal uncertainties arise.

i love bashing dirty politicians to death :D

i feel pity for the people working abroad.. hehe.. there money is having a low value now... thats the negative side of it..

anyways, congrats to PESO!! keep on soaring!

i feel pity for the people working abroad.. hehe.. there money is having a low value now... thats the negative side of it..

anyways, congrats to PESO!! keep on soaring!

Any movement of the peso will bring positive and negative effects. That's why it's good if its stable but should not be undervalued nor overvalued. :)

Peso emerging as strongest Asian currency



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(UPDATE) THE PESO rallied to its two-and-a-half year high of 53.03 versus the US dollar, boosted mainly by strong remittances from abroad and market optimism brought about by the government's improving fiscal situation.

The intra-day high of 53.03 hit during Wednesday's trading was the highest since May 2003.



The peso closed on Wednesday at 53.08 versus the greenback from Tuesday's close of 53.18, thus emerging as the strongest Asian currency.

"Positive sentiment about the country's fiscal performance continued to support the currency," said Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr.

President Gloria Macapagal-Arroyo was elated over the strong showing of the peso.

"It's good time to look forward because as an indicator, the peso's performance against the dollar has simply been stupendous," Arroyo said in a televised statement from Baguio City.

"It's now considered as the best performing currency in the world," she said.

Arroyo attributed the strong peso to overseas workers' remittances, good portfolio investments, and to exporters starting to unload their dollars.

She also said that the Philippines has been recognized by Spain as a priority investment area because of its improving economy.

http://money.inq7.net/breakingnews/view_breakingnews.php?yyyy=2005&mon=12&dd=28&file=12

dat's one hell good news! let's just b proud..
@rmb: i agree with your statement!

i feel pity for the people working abroad.. hehe.. there money is having a low value now... thats the negative side of it..

anyways, congrats to PESO!! keep on soaring!

you shouldn't pity for the people working abroad.

i for one prefer to have a stronger peso. sana ma-reach niya as high as 25-26 to dollar just like during the ramos admin.

but the government should do its work by lowering cost of prime commodities.
something like a price control.

i was slighted on the comment of one of a tourists who was charged about $200 for a dinner (dunno how many were they) in a 5-star hotel in manila.
he said that that was too much since average filipino monthly income is just less than $ 200.