Peso slides to P44-to-dollar level
MANILA, Philippines—The peso fell back into the 44-to-a-dollar territory on Thursday as lingering concerns over the debt crisis in the eurozone led to an unfavorable outlook on export earnings of emerging markets like the Philippines.
The local currency closed at 44.06 against the US dollar, down by 6.5 centavos from the previous day’s finish of 43.995:$1.
Intraday high hit 43.96:$1, while intraday low settled at 44.09:$1. Volume of trade amounted to $1.28 billion, up from $1.032 billion previously.
Traders said projections that the debt crisis in the eurozone would persist in 2012 has been dampening outlook on export of the Philippines and its neighbors.
The eurozone is one of the biggest export markets including for intermediate electronics assembled and exported by the Philippines.
Latest data from the National Statistics Office showed that in the first 11 months of 2011, Philippine exports amounted to $44.64 billion, down by 5.6 percent from $47.3 billion.
Economists said the outlook for exports in 2012 has remained anemic largely because of the problems in the eurozone.
