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Peso falls slightly anew as BSP set to move vs currency speculation


MANILA, Philippines—The peso fell slightly on Tuesday amid expectations that the central bank would implement a measure against currency speculation and consequently ease appreciation of the local currency.

The peso closed at 41.075 on the second trading day of the week, down by 3.5 centavos from the previous day’s finish of 41.04:$1.

Intraday high hit 41:$1, while intraday low settled at 41.08:$1.

Volume of trade reached $568.6 million from $603.7 million previously.

The Bangko Sentral ng Pilipinas has said it is carefully monitoring market behavior to see if there are significant currency speculations in the market.

The BSP said that the monetary authority has taken steps to immediately act, whenever necessary, on a key issue such as foreign portfolio inflows, especially the kind involving speculation on the currency.

Traders said market behavior was being driven partly by pronouncements by the BSP even as the outlook on the Philippine economy has remained positive.

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Tags: Bangko Sentral ng Pilipinas , Business , business and finance , currencies , currency speculation , economy , Foreign Exchange , Philippine peso , US dollar

  • oh_noh

    *hehe* mga businessmen/economist talaga ng gobyerno - bsp set to move vs. currency speculation?

    1. first, they’ve figured out a way to trick us for having a strong peso,
    2. let it work for a while (ever wondered how our dollar reserves sky-rocketed?),
    3. then, to implement a measure against currency speculation, as if they are the knights in shining armour, and consequently ease appreciation of the local currency?

    the funniest thing is, our experts here insist that it’s purely market-driven *bwa-ha-ha*
    … for a non-manufacturing consumer-country like ours, our forex cannot be strong in any way!!!

    • derp derpino

      ikaw na ang magaling at matalino, mag apply ka na dun sa bsp.. talo mo sila eh kahit may masteral degree sila.. o sige apply ka na dun..

  • rodben

    Hope PESO will go down and the prices of food stuffed same2 during Erap time….or even more likely during Marcos time..

  • Allan Borja

    I totally agree w/ you, PFC-kulapu. We should not buy products that are made in china. First it will make us not an accomplice of china’s military aggression, since we all know that china is a communist country and basically, everything is owned by the government. Second, it will save us money because china made products are garbage, low quality skunk. As they say, quality is cheaper in the long run. We can make a lot of difference if we will only think before we buy.

  • http://profile.yahoo.com/Z32DU636QP4GZWZBW7C7ZURNW4 aga

    Good move of the BSP.

  • pfc_kulapu

    We Should Keep On Boycotting “Made In China Product”, for life….
    And Buy our own Local Product to sustain our economy..

  • gerp

    eto lang ang magandang nagawa ni GMA…gawing PhP 50:1USD… pabor sa aming mga OFW… paano kaya nagawa nila yun?

    • http://pulse.yahoo.com/_JEMNLLYAP5EA7SM3A6QUOGV62Q Chris

      kasi mahina ang lokal na ekonomiya nung panahon na yun at masagana ang Estados Unidos.. ngaun kabaliktaran ang lahat.. gets?

      • gerp

        ngayon lang naging totoo ang currency weights hehe…gets?

    • tilney

      Malaki ang deficit ng gobyerno .. Masyado malaki ang gastos kaysa tax revenue..More than 3% of GDP and also govt debt is more than 50% of GDP.Sa laki ng govt deficit ang GMA govt ay kailngan pang magbenta ng mga govt properties para pantakip sa govt deficit pero kulang pa rin.. Noon lang ng maimplement yon EVAT at 12 % na lumakas ang peso from 50-52 pesos ay bumaba ng 48 pesos per dollar

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