Peso still among strongest in Asia

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MANILA, Philippines—The Philippine peso remained one of the fastest appreciating Asian currencies in the first two months of 2013 on the back of a surge in foreign “hot money.”

Closing at 40.66 against the US dollar on Feb. 28, the peso had strengthened by nearly 1 percent since the start of the year.

Data provided by the Bangko Sentral ng Pilipinas to the Philippine Daily Inquirer showed that the peso rose by 0.96 percent during the period, the second-fastest rate of appreciation among selected actively traded Asian currencies.

The Thai baht appreciated the most at 2.96 percent.

On the other hand, other Asian currencies depreciated against the US dollar amid suspicion that some central banks were deliberately causing their countries’ currencies to weaken to boost exports.

The Indonesian rupiah weakened by 0.23 percent, the Malaysian ringgit fell by 0.91 percent, the Singaporean dollar dropped 1.08 percent, and the Japanese yen dropped 6.52 percent.

The continued rise of the peso as of end-February was attributed mainly to the surge in foreign portfolio investments.

The latest monthly data on foreign portfolio investments released by the BSP showed that gross inflow hit $2.8 billion in January, more than double the $1.2 billion registered in the same month last year.

The Philippines is attracting foreign hot money because of its favorable economic growth performance.

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  • http://openid.aol.com/dawn.dare Dawn Dare

    Now why the heck is the pump price of gasoline here so expensive, when our neighbors in Southeast Asia have it at less than a dollar per liter? Reduce the taxes on oil products. It should be worth less than PhP40 per liter! Destroy the oil cartel. Dirty congressmen are in this deal too.

    • http://www.facebook.com/erik.abergos Erik Abergos

      Really? less than a dollar per liter? Where? I just pumped Shell 95, its SGD 2.240 or USD 1.792 or PhP 74.67 per liter here in Singapore.

    • http://www.facebook.com/jun.darvin Jun Darvin

      Really? less than a dollar per later? yesterday I pumped at Eneos gasoline station (regular) her in Japan at YEN 147 a liter or PHP 62.70 per liter.mas mababa pa rin dyan sa Pinas.

      • http://profile.yahoo.com/AND7MQ5FERICDOIAUW56RYT45A tower_of_power

         MAgkano ang sweldo dyan sa Japan … magkano ang rent dyan sa Japan? If you factor everything in … NAPAKAMAHAL DITO SA PINAS!!!!

      • http://www.facebook.com/erik.abergos Erik Abergos

        you have to factor everything tower_of_power, wala tayong supply ng oil. Magkano ba ang upa sa middle east countries at magkano ang langis dun? Ang sakin lang, kung ganyan kasimple magpatakbo ng ekonomiya gaya ng iniisip ninyo, wala na sanang naghihirap.

      • Carl Lim

        FYI. South East Asia po ang sinabi niya hindi South Asia. In short, di kasali ang Japan. 

  • http://www.facebook.com/rommie.pacana Rommie V. Pacana

    Even poverty and the mass exodus of Filipinos to other countries are among the strongest in Asia…

    • http://www.facebook.com/erik.abergos Erik Abergos

      Like India’s mass exodus of Indians to other countries are strongest in Asia?

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