Latest Stories

Peso weakens over US fiscal problem



MANILA, Philippines—The peso weakened against the US dollar on the first trading day after Christmas as concerns over the US fiscal problem, which dampened outlook on the global economy, prompted some risk-averse fund owners to shift to the greenback and away from assets denominated in emerging market currencies.

The local currency closed at 41.16 against the US dollar, down by 9 centavos from 41.07:$1 on Dec. 21.

Intraday high hit 41.13:$1, while intraday low settled at 41.17:$1. Trading was thin with the volume reaching only $344.9 million compared with $867.8 million previously.

Traders said some fund owners took their yearend positions in favor of the greenback, which was still considered the most liquid currency, amid uncertainties in the global economy toward 2013. The uncertainties are being caused partly by questions of whether the US government will be able to implement key fiscal measures needed to avoid a crisis.

The prolonged eurozone crisis has been another cause of uncertainty, traders said.

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 and finance , currencies , Foreign Exchange , Philippine peso , Philippines , US dollar

  • http://www.facebook.com/profile.php?id=1405060221 Fearless Gara

    mAHIRAP sating mga pilipino”Crab mentality” nasa bawat isa ang pagbabago.hindi pwedeng iaasa lng sa gobyerno.kailangan kumilos din tayo.

  • dxdaistar

    cge payag na kayong mga OFW ng 55pesos to 1 $? at fixed na ito for at least 5 years para makapag-plano naman kayo. Payag na kami. Kaso ang gobyerno natin pilit pinagyayabang na ok na ang ekonomiya ng Pinas kahit hindi.

  • http://profile.yahoo.com/P4PIU2AIGVXJNQ4UBH5X64MSFE mr

    It should be P60 to $1 para naman happy mga OFW at kababayan natin na nagpapakahirap sa abroad habang iba dyan yumayaman sa pagtaas ng mga presyo ng bilihin.

    • ceejay2420

      While pangit nga sa mga OFW, tulad ko, na mababa ang dollar, mahirap din pag masyadong mataas like P55/$. Kasi pag mataas ang value ng dollar, like P55, susunod na tataas din ang gasolina at mga bilihin tulad ng pagkain. Dahil lahat ng langis ay imported kasama na ang mga makina at major ingredients at materials gamit sa manufacturing, tumataas din ang mga bilihin na mga pamilya ng OFW at lahat ng Pinoy. 

      Ang masama pa dito, lumalaki din ang halaga ng mga inutang ng gobyerno pag tumaas value ng dollar. Ang nangyayari tuloy napupunta halos lahat ng collections ng BIR at Customs sa pambayad sa utang, konti na lang ang natitira para sa gastusing pagpapagawa ng schools, tulay, kalsada at hospital.Di uunlad ang buhay ng Pinoy kung di tayo patuloy na magpapagawa ng infrasturctures. 

      Ang maganda sana ay maging stable ang halaga ng peso. Yun bang hindi palundag-lundag. Pag ganito, favor ito sa mga OFW, dahil napapaplano namin maayos ang aming gastusin.Pabor din ito sa mga investors na gustong magtayo ng negosyo sa atin at mabigyang ng hanap buhay ang marami nating kababayan. Naprepredict nila ang kanilang gastusin at kikitain sa mahabang panahon. Of course, ang political stability may kinalaman din sa investments pero malaki din ang role ng exchange- rate. 


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


  • Healing priest invites political leaders to join ‘prayer for nation’
  • Tagle: Christ’s resurrection a message of hope to faithful
  • Aquino vows to intensify anti-corruption drive further
  • Unease in Vatican over cardinal’s luxury flat—report
  • Nepal calls off search for missing guides on Everest—official
  • Sports

  • Rain or Shine grabs No.4, sends Ginebra to 8th
  • Red-hot Alaska rips injury-depleted San Mig Coffee
  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Lifestyle

  • Angono petroglyphs in danger of disappearing
  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Supper power
  • Condo unit sales boosted Shang Properties earnings
  • ERC mulls over WESM price cap for May, June
  • Whatever happened to the ubiquitous pagers?
  • Huge 2013 net profits seen difficult to surpass in 2014
  • 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

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Asia seeks Obama’s assurance in territorial spats
  • Marketplace