Peso rises anew as optimistic investors buy more peso securities

By: Michelle V. Remo, January 8th, 2013 08:13 PM

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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