Peso climbs as European leaders meet on bailout funds

MANILA, Philippines—The peso inched up on Wednesday as market sentiment was lifted by news of a European leaders’ summit where more measures, such as granting of additional bailout funds, to resolve the debt crisis in the eurozone would be discussed.

The local currency closed at 43.28 against the US dollar, up by 18 centavos from the previous day’s finish of 43.46:$1. Intraday high hit 43.25:$1, while intraday low settled at 43.38:$1. Volume of trade amounted to $990.81 million from $994.72 million previously.

The appreciation of the peso came following release of news reports that European policymakers have scheduled a meeting for December 8 and 9 in Brussels to discuss further measures to resolve the debt crisis and avoid a projected worsening of the debt situation in 2012.

Traders said some portfolio fund owners expected the announcement of more anti-crisis measures upon the conclusion of the summit, thus lifting their appetite for emerging market securities, such as those from the Philippines.