Quantcast
Latest Stories

Peso flat despite glowing 7.5% economic growth for PH in Q2

By

MANILA, Philippines—The peso closed flat on Thursday despite the release of positive economic data for the Philippines as investors shunned emerging markets amid worries over India’s growth.

After posting gains in early trading, the local currency closed at 44.75-to-$1 on Thursday, the same level as Wednesday’s close.

The peso’s close came despite gains made by the local equity index following the release of data that showed the Philippines’ gross domestic product expanded by 7.5 percent in the second quarter—matching China’s growth that was the fastest in Asia.

“The growth has already been priced in by the market,” BDO chief market strategist Jonathan Ravelas said.

Countering the optimism for the Philippines was Standard & Poor’s announcement of a possible downgrade for India, leading to risk-aversion over Asian emerging markets.

The peso initially opened stronger at 44.60: $1 and appreciated further to 44.50: $1 before closing at its lowest point for the day. Trading volume declined slightly to $1.042 billion from $1.242 billion the day before.


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: Economic Data Plan , economic growth , Peso , Philippine economy

  • jnkypscl

    Great news! A welcome respite from the horrifying saga of the alleged conspiracy between Janet Napoles and a good number of lawmakers to get their hands in public coffers.

    Disgust and incredulity characterized the public reaction to the scandal but others were also quick to play doomsayers to fuel the hysteria.

    With this announcement of our GDP remaining stable despite the upheaval caused by the pork barrel scam, it could only mean that our government must be doing something right! This should also give us pause to think – how can we help protect the gains already achieved?

    We all want to bring the culprits to justice. We all want to see corruption rooted out. But we should be mindful that in the process, we do not go down the road of mindless fingerpointing and faultfinding and turning against government and each other in our anger. If we should call for a housecleaning, we should be careful not to burn the house down.

    We should stay sober, vigilant, pro-active and optimistiic in our fight for reform and justice. We should stay united with each other and our government in finding a solution to the problem of corruption. If we need our government to clean up its ranks and institutionalize reforms, our government also needs us to support its efforts, give it the benefit of the doubt, not second guess and criticize its every move, and believe that if we stay united, we will get through this a stronger and better people and country

  • Ben

    The present peso level is a boom for exporters and OFWs. Our imports will be cheaper such as the AFP equipments…the domestic economy must be nurtured and PPP must be implemented already. We can`t rely 100% to the performance of the stock market for that is naturally prone to the prevailing world as well as domestic sentiments, we might as well strengthen the foundation of our economy. 7.5% is not enough, it must grow 8% or higher to make a dent on poverty and support most of the developmental aspects and modernization of the country…

  • Kaizensigma

    are the robust 1st and 2nd quarter data attributable to the effects of the mid term election anomalies, such as the heavier than normal inflow of hot money normally parked in swiss and foreign accounts, and other external factors including the US Fed’s QE policies? Now that election is behind the country and the US Fed is signalling the end of its QE policies, the 3rd and 4th quarter data may be the better measure of “real” GDP reflective of the actual underlying economic factors and realities? Or are these just “irrational exuberance” Pinoy style? hmmmmmmmm…. We wonder?

  • just_the_guy

    Meron at meron talagang sisilipin na isyu para pasama-in ang mood. Nice work Mr. Montecillo. You just successfully ruined my day.

  • tlb6432

    44-45 range should be a very good range that appeals to both OFWs, importers and exporters..



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

  • 2 killed in apparent Bahrain car bombing
  • SC suspends proctor in 2011 bar exams
  • At barricades, Ukraine insurgents await Easter
  • Solons seek ample protection for bank depositors
  • Tragedies at sea: The Sewol and the Costa Concordia
  • Sports

  • Tottenham beats Fulham 3-1 in Premier League
  • Martino defends Messi, takes blame for Barca fail
  • Vettel hoping for resurgence at Chinese GP
  • MLB pitcher donates $100,000 for Sewol ferry victims
  • Hamilton takes pole at Chinese Grand Prix
  • 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

  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • 5 Filipinos with MERS in UAE reported in stable condition
  • Marketplace