Peso rises anew as optimistic investors buy more peso securities

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AFP PHOTO

MANILA, Philippines—The peso rose again on Tuesday as optimism among investors continued to fuel their appetite for peso-denominated securities.

The local currency closed at 40.85 against the US dollar, up by 4 centavos from the previous day’s finish of 40.89:$1.

Intraday high hit 40.815:$1, while intraday low settled at 40.88:$1.

Volume of trade reached $915.6 million from $840.93 million previously.

Traders said positive sentiment for the Philippine economy among yield-seeking investors drove them to purchase more local securities.

Government economic officials said the economic growth target of 6 to 7 percent has come well within reach, with some saying the actual figure could settle nearer to or in excess of the higher end of the target.

They said growth this year would be supported by sustained robust consumption by households, investments by the private sector, and spending for public infrastructure.

Economists are also on a consensus that the Philippines may get an investment grade this year.

The appreciation of the peso on Tuesday came with the increase in the Philippine Stock Exchange Index to another all-time high of 6,048.9, up from the previous day by 3.99 points.

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  • OFW_Investor

    what?

  • parefrank

    Optimistic investors? Yes, optimistic that hundreds of billions of the reord 2 trillion budget will be spent for election reasons.
    But still, despite the high peso, near all goods incl. the now with less pesos imported goods, have increased with the New Year and supermarkets are busy to display new prices, all higher. Purchasing our weekly foods and other needs by a list, we paid  over  6%  more than last week of December, which anyway was a high price time around holidays and cash gifts at year end.  All the profit out of the overvalued peso goes to big business and importers and via the cheap dollar remittances of OFW families to the government, means mostly to election spending.. The trillions-budget  soon equals  in one year all the budgets under Marcos together. The outstanding loans anyway. Good government….

    • tarikan

      “The trillions-budget  soon equals  in one year all the budgets under Marcos together. The outstanding loans anyway. Good government….” Parefrank, sorry to ask but are you some kind of economist or financial expert or plain OFW whiner? Haven’t you heard of inflation? Why equate the two values of money with some 35 years difference? And also the difference in population of the two eras has to be factored in. If budgets are to be stagnant, people’s and/or government’s requirements have to be stagnant as well but they aren’t. Stop bloating your egos, OFW’s. I was an OFW myself, worked for the largest oil corporation in the world but I don’t holler to high heavens that the Philippine government is relying on my remittances. 

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