Friday, 10 February 2012

Peso nears 41:$1 territory

Roderick T. dela Cruz
Manila Standard

The peso climbed near the 41-per-dollar level Thursday on heavy trading volume of $1.5 billion, as the Philippines continued to draw foreign capital flows and remittances despite the renewed volatilities in regional stocks.

“Capital inflows surged again, mostly in the stock market and government securities,” said Bangko Sentral Deputy Governor Diwa Guinigundo.

The country’s gross international reserves rose to a record $77 billion as of end-January, as the Bangko Sentral absorbed the excess dollar stocks in the country.

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