Latest Stories

Peso hits highest value in 5 years at 40.70 to dollar



MANILA, Philippines—The peso closed at a new five-year high on Thursday, buoyed by higher risk appetite among investors who believed the Philippines would continue to enjoy rising dollar inflows over the short term.

The local currency closed at 40.70 against the US dollar, up by 8.5 centavos from the previous day’s finish of 40.785:$1.

It was also the strongest in nearly five years. The last time the peso closed stronger was on March 6, 2008, when it hit 40.56:$1.

Intraday high hit 40.69:$1, while intraday low settled at 40.79:$1. Volume of trade amounted to $1.23 billion from $773 million previously.

Some investors see the peso to rise further, citing government projections that remittances and foreign investments in the business process sourcing sector will remain robust. Yield seekers would like to take advantage of the situation by purchasing peso-denominated securities.

“The strength of the peso is being driven by the strength of the balance of payments, particularly components of the current account. Remittances remain solid and there are aggressive expansion plans in the BPO sector,” Sameer Goel, head for Asian rates and currency strategy at Deutsche Bank, said in a press briefing Thursday.

Deutsche projects the peso to strengthen to the 38-to-a-dollar territory by the end of this year.

Remittances were estimated to have amounted to over $21 billion last year. The BPO sector is projected to sustain double-digit growth over the next few years, aided by foreign investments.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: business and finance , currencies , economy , Foreign Exchange , Philippine peso , US dollar


    Breath of fresh air. Peso at its strongest in the last 5 years.

  • carlcid

    Is this something to be crowing about?

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Intrigues mar signing of Bangsamoro draft law
  • Singson apologizes for delay in Edsa road repairs
  • Congressmen seek end to small-town lottery operations
  • 16-year-old survives in wheel well of US flight
  • MMDA to blame for delay of Edsa reblocking – DPWH exec
  • Sports

  • Reigning champs Miami open playoffs with win
  • Spurs subdue Mavericks in playoff opener
  • Wawrinka beats Federer to win Monte Carlo Masters
  • Ageless Hopkins pitches 50-50 Mayweather deal
  • Goodbye MGM, Las Vegas for Pacquiao?
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Solenn in shorts
  • Business

  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Filipinos in Middle East urged not to panic amid MERS-CoV scare
  • Obama on mission to quiet Asia skeptics
  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • Marketplace