Friday, February 23, 2018
Close  
  • share this

Peso slightly dips on reports of slow exports growth in October

/ 08:19 PM December 11, 2012

AFP FILE PHOTO/TED ALJIBE

MANILA, Philippines—The peso moved sideways on Tuesday following reports that Philippine exports grew but by a slower pace in October.

The local currency closed at 40.955 against the US dollar, down by 1.5 centavos from the previous day’s finish of 40.94:$1.

Intraday high hit 40.93:$1, while intraday low settled at 40.96:$1.

ADVERTISEMENT

Volume of trade amounted to $493 million from $597.7 million previously.

Traders said growth in exports during the month was viewed by some investors as an indication that global economic conditions might not worsen as some earlier feared. Higher exports also supported expectations that the Philippine economy would continue to post a decent growth rate over the short term despite the ongoing crisis in the eurozone.

Nonetheless, traders also said the slowdown in exports growth reflected volatility of the external environment.

The National Statistics Office reported Tuesday that merchandise exports of the Philippines amounted to $4.4 billion in October, up by 6.1 percent from a year ago.

The year-on-year growth rate in October was much slower than the 22.8 percent in September.

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: business and finance, currencies, economy, Foreign Exchange, Philippine exports, Philippine peso, US dollar
For feedback, complaints, or inquiries, contact us.
lifestyle

Airbnb expands offerings with new upscale categories

February 23, 2018 08:13 AM

newsinfo

DOH vows to run after Sanofi

February 23, 2018 07:40 AM

newsinfo

Duterte invokes SEC ruling in ordering Rappler ban

February 23, 2018 07:38 AM

newsinfo

LPA coming, but it’ll be hot

February 23, 2018 07:34 AM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved