The peso is free falling!

[patsadahon]

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Peso, stocks extend losses


The peso weakened further to 52.95 against the US dollar Thursday from Wednesday's 52.85 finish.

The peso opened 52.95 and the dollar was traded from P52.87 to P52.95. Transaction volume amounted to $286 million.

Other Asian currencies gained some respite me on Thursday from the persistent selling of emerging market assets over the past two weeks, although traders and analysts said they would not be in a hurry to rush to buy them again.

[patsadahon]

Arroyo says peso fall 'temporary'
Posted: 6:51 PM | May 25, 2006

Lira Dalangin-Fernandez
INQ7.net with XFN-Asia

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(UPDATE) PRESIDENT Gloria Macapagal-Arroyo on Thursday tried to quash fears on the peso value's slide against the dollar, saying the currency is merely affected by temporary jitters in Asia.

The peso closed at a fresh four-month low of 52.95 to the dollar on the spot market, with the slide still driven by external factors, dealers say. It closed at 52.85 on Thursday.



Volume on the spot currency market reached 286.6 million dollars.

But Arroyo assured that what's important is that the economy remains "steady and strong."

Arroyo said the weakening of the peso was a result of "temporary events in the world economy" and that government economic managers are looking at the situation.

"The recent setback of the peso is a result of transient developments in the world economy that pose no direct, long-term threat to our own," she said at the 6th Luzon Island Congress of the Philippine Councilors League in Subic Bay in Zambales.

Arroyo said despite the weakening of the peso, investor confidence remains strong because of the administration's effort to balance the budget, improve the security situation, "push growth, and pursue political renewal."

Malacanang is in defensive mode again. Thats the danger of using the value of the peso as the measure of economic progress.

[iloveyou4ever]

Ok ra na kay mao man ato gusto dah. The opposition even wants exchange rate to go up to 60 pesos to a dollar so they can get an opportunity against PGMA.

[lalakingbisdak]

Falling where? Hehe

[lestat1116]

ok ra na oi..

[athlon XP-M]

The rise and fall

This is just temporary.. after the fall, the peso will rise again. :mrgreen:

[lestat1116]

and fall again

[Spec-V]

Arroyo says peso fall 'temporary'
Posted: 6:51 PM | May 25, 2006

Lira Dalangin-Fernandez
INQ7.net with XFN-Asia

printable version email a story write the editor feedback


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.

(UPDATE) PRESIDENT Gloria Macapagal-Arroyo on Thursday tried to quash fears on the peso value's slide against the dollar, saying the currency is merely affected by temporary jitters in Asia.

The peso closed at a fresh four-month low of 52.95 to the dollar on the spot market, with the slide still driven by external factors, dealers say. It closed at 52.85 on Thursday.



Volume on the spot currency market reached 286.6 million dollars.

But Arroyo assured that what's important is that the economy remains "steady and strong."

Arroyo said the weakening of the peso was a result of "temporary events in the world economy" and that government economic managers are looking at the situation.

"The recent setback of the peso is a result of transient developments in the world economy that pose no direct, long-term threat to our own," she said at the 6th Luzon Island Congress of the Philippine Councilors League in Subic Bay in Zambales.

Arroyo said despite the weakening of the peso, investor confidence remains strong because of the administration's effort to balance the budget, improve the security situation, "push growth, and pursue political renewal."

Malacanang is in defensive mode again. Thats the danger of using the value of the peso as the measure of economic progress.

Oi Vei...registering another new handle Pastilan dyud nimo bai!

[potterboy]

remember ko sa una sa time ni erap, ni-abot ba to ug 56?

[baron]

^I think I remember those times.

News says that the peso is expected to strengthen further in the next few weeks. With the positive foreign investor investment as JP Morgan stated it, a rating of positive development for the country, coupled with the remittances from the OFWs, the strengthening and stabilizing of the peso is not far from us.