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Peso slightly up on news of PH’s huge foreign reserves in January


MANILA, Philippines—The peso ended Thursday’s trading slightly higher than previous day’s close after the central bank reported that the country’s foreign exchange reserves hit another all-time high in January.

The local currency closed at its intraday high of 40.635 against the US dollar, up by 2 centavos from Wednesday’s finish of 40.655:$1.

Intraday low settled at 40.725:$1. Volume of trade amounted to $847.3 million from $671.5 million previously.

The minimal rise of the peso came following the release of a report by the Bangko Sentral ng Pilipinas, saying that the country’s gross international reserves reached a new historic high of $85.76 billion in January.

The amount was enough to cover for a little over one year worth of the country’s import requirements and was nearly six times the combined outstanding debts of private and government entities in the Philippines to foreign creditors maturing within the short term.

The rise in the GIR substantiated market expectations that dollar inflows—mainly remittances, foreign portfolio investments, and foreign investments in business process outsourcing—to the Philippines could grow further this year.

Economists said expectations of robust dollar inflows this year have been boosting outlook on the peso, which would likely strengthen further after appreciating by nearly 7 percent against the greenback in 2012.

Such an outlook has been fueling appetite for peso-denominated securities, traders said.

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Tags: Bangko Sentral ng Pilipinas , Business , business and finance , currencies , economy , Foreign Exchange , Foreign exchange reserves , Philippine peso , US dollar

  • rickysgreyes

    The Central Bank should use its reserves to pay off foreign debt of the National Government thereby reducing pressure on the exchange rate and at the same time improving debt picture. Hurdle is central bank money is “BSP’s money and not DOF’s”. But if you really think about, pera ng Pilipinas yan. Why not use $20 billion to pay off foreign debt?

  • rodben

    Tataas na naman tyak mga bilihin para tubong lugaw na naman mga campon ng elitista sana matuloy na gyera sa pinas para maging pantay2 ulit after the war….tyak uunahin putulan ng leeg itong mga elite ng masa….

  • http://www.facebook.com/katipunan Andres Bonifacio

    Inay…itay…dagdagan nyo ang padala sa akin, kaunti nalang papalit sa piso, kulang pambili ng Ipone 5! lol!

  • http://twitter.com/durgijohn John Atm

    This is good news regardless what the badmouths say. Keep it coming!!!

  • http://pulse.yahoo.com/_Q3QGG5QHBLRMZTIYWUFURY6J2E Night

    ang taas ng PESO pero ang kotse, gas, pyesa, mahal pa din??? ampota tangnang munggago talaga sa Pinas o……

    kung malakas ang PISO dapat mura na ang gas!!! kepias 

    • http://twitter.com/durgijohn John Atm

       This should be your least worry kasi ala ka namang car :)

    • OFW28

      angtangamo Tiglao! isa ka sa mga taong dapat wala na sa mundo, sayang ang buhay mo magpakamatay ka na lang ulolzzz!!

    • http://pulse.yahoo.com/_PJTH3SHQU3B4TCUVRH2UXZCJDY Balahura

      Kahit kailan parang mongol ka kung mag komento tama ala ka namang kotse marahil yung pyesa ng Dyip ang tukoy mo yata presyo ng krudo ng Jeepney ,

  • regd

    Mga haters, nahan kayo? PASOK NA!

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