Latest Stories

Peso strengthens on positive news

The peso strengthened Wednesday as it tracked the movement of other Asian currencies.

The peso closed at 43.43 to a dollar, stronger than the 43.46 closing reported the day before.

The peso started strongly, opening at 43.30:$1. It was at its weakest at 43.45, which was still stronger than Tuesday’s close.

Trading volume was thinner at $969.4 million against $1.1 billion the previous day.

Asian markets rallied Wednesday as sentiment turned positive on hopes of a stronger recovery of the US economy.

In China, monetary authorities also provided cash to some financial institutions to curb fears of a possible cash crunch in Asia’s biggest economy.

The People’s Bank of China earlier this week said it would discourage loan growth on the mainland to curb risky lending by Chinese banks, raising growth concerns among investors.

The peso climbed on news that imports to the Philippines grew 7.4 percent year on year last April, the first monthly increase recorded this year.

Higher import levels signaled a recovery in the country’s export sector, which dropped 12.8 percent in the first quarter of 2013. A significant portion of the country’s exports is made up of finished products assembled from imported components.

Jonathan Ravelas, chief market strategist at BDO, earlier this week said market players should look beyond the US Federal Reserve’s statements on the end to easy money policies, which originally sparked the selloff in Asian markets.

“This is actually good news for the United States as it highlights that the US recovery is gaining traction. A recovering US economy should be good for the global economy,” he said.

The United States is the Philippines’ biggest trading partner. The Philippines also receives more investments from the US than any other country in the world.—Paolo G. Montecillo

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: currencies , Peso , Philippines

  • Ako_Hiking

    The Philippine is getting some good news on paper seemingly with all the credit ratings and growth and other stuff from surveys but it’s tough reading all these good economic news but realize that the poor masses remain poor and hungry with their situation showing no improvement during all these supposed good economic news.


    EMPTY barrels make the LOUDEST NOISE!

  • 80baudot95

    no matter what some who doesn’t understand the news and the activities of the equities market say, the fact is that the principles of market forces, economics, and investments are in play here, be it equities, bonds, government securities, money market, supply of rice or sugar, or even selling cigarettes on sidewalks. those who understand what liquidity means are in control. people who have too much cash on hand become very nervous. the u.s. gdp only grew 1.8% in Q1. that means they have a liquidity problem, i.e. people aren’t buying goods and the u.s. govt is under pressure to cut spending. but the reverse is happening in the PH because govt continues to increase spending and for various reasons, pinoys have money to spend for goods resulting in too much liquidity, i.e. too much money in circulation. if too much money (cash) in circulation it’s the central bank people who cannot sleep because they have to regulate the too high liquidity for fear of inflation (e.g. too much money for buying not enough goods left for sale, etc.). if more people are looking for u.s. dollars tataas ang exchange rate, naturally (economics supply & demand law). on the other hand, people who do not have any cash and also have nothing up there are merely making funny and ignorant comments.

    • Chrisnadal19

      Agree.. it’s really those who don’t know makes the most noise.

  • http://usc.edu.us/ Booby Trapped

    Naks naman. Nakabawi si utotoy!

  • prince_janus

    Anyare? Saan na ba yung pinagmamalaki ni PNOY na pag-angat ng ekonomiya via stock market? Its time to unload my stocks medyo nalulugi na. Hmmpt.

    • prince_janus

      e kasi nag-pull-out daw ang mga investor dito sa atin dahil lumalakas yung ekonomiya ng amerika?

  • Weder-Weder Lang

    Peso strengthens? That’s how PNoy and his KKKurrency speculators love it. Keep it up baby.

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


  • Saudi Arabia reports 3 more deaths from MERS virus
  • Suspect in Vhong Navarro’s mauling wants to turn state witness – De Lima
  • Why are Americans obsessed with missing plane?
  • Napoles to have surgery on Tuesday – report
  • Mayor’s assassination linked to black sand mining controversy
  • Sports

  • PBA D-League: Waves edge skidding Superchargers
  • Ilad’s last-second basket lifts Gems over Bakers
  • Reigning champs Miami open playoffs with win
  • Spurs subdue Mavericks in playoff opener
  • Wawrinka beats Federer to win Monte Carlo Masters
  • 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

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Century Pacific Food sets IPO price at P13.75 per share
  • 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%
  • 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