Quantcast
Latest Stories

Peso still among strongest in Asia

By

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 (BSP) to the 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 rupee 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.


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 , currency , Peso



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
Advertisement
Advertisement

News

  • 16 workers in Batangas sugar cane factory hurt over toxic chemical shower
  • Korea ferry captain defends actions, bodies seen in ship
  • Traffic starts to build up at toll plazas on Black Saturday
  • Flash floods hit 9 Tagum villages
  • No tsunami to hit PH after 6.9 quake jolts Solomon Islands–Phivolcs
  • Sports

  • Hamilton takes pole at Chinese Grand Prix
  • Duke’s Rodney Hood joining Jabari Parker in NBA draft
  • Phelps entered in 3 events at comeback meet
  • Boston prepares for huge wave of marathon visitors
  • Motivated LeBron James preps for postseason
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • Fiat-Chrysler to produce iconic Jeep in China from 2015
  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • We treasure our Sierra Madre
  • OFW from UAE tests negative for MERS-Cov–health chief
  • Multicultural flock marks Good Friday in San Francisco
  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Marketplace