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PH Peso at its Strongest Level since 2008

by: Sarah Joson

Wednesday, September 12, 2012 | Outsourcing News |

Bullish Philippine Peso at P41.615

The peso reached its highest value against the US dollar since 2008, which is P41.57, but before closing, it reached P41.615.

The appraisal was said to be brought about by talks regarding the implementation of the US government’s economic stimulus package from the Federal Reserve which, according to a Bloomberg report, will lessen financial strain and enable an increase in demand for assets in emerging markets.

Also, compared to the 130,000 average estimate in a Bloomberg survey and 141,000 jobs produced in July, the Labor Department said payrolls in the world’s largest economy increased by 96,000 in August. The three consecutive weeks wherein the peso retained a strong position are anticipated to raise inflation targets for 2012 and 2013, said Bangko Sentral ng Pilipinas (Philippine Central Bank). Economists predict that policy makers will retain low interest rates this week.

Jose Vistan, Head of Research at AB Capital Securities Ltd. in Manila, said foreign investments in equities are in fact strengthening the peso. He added that confidence in the country’s economy improved, with a high inclination of a rating upgrade.


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