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| November 6, 2007 7:25 a.m. EST Komfie Manalo - AHN News Writer |
| Philippine October Inflation Steady At 2.7 Pct. Due To Strong Peso ___________________ |
Philippine Pesos 91.52 63.59 46.98 43.90 40.38 |
| ___________________________________ The Forex, Nov. 6, 2007 CURRENCY British Pound Euro Canadian Dollar US Dollar Australian Dollar ___________________________________ |
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| The Peso Takes Off |
| Cheers to the Peso |
| The Philippine Banknote |
| The British Banknotes |
| The Mighty Greenback |
| The Euro Banknotes |
| The Greenback |
| The Canadian Banknote |
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| The Old Canadian Banknote |
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| The Aussie Banknote |
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| Manila, Philippines (AHN) - The Philippine inflation stood at a steady 2.7 percent from September to October due to the strong peso which had offset the impact of the rising fuel and food prices. Bangko Sentral ng Pilipinas (the country's central bank) governor AmandoTetangco Jr. said the strong performance of the local currency against the U.S. dollar absorbed the impact of major food, non-food and fuel prices. He said, "Price pressures from major food, non-food and fuel items were broadly mitigated by the peso." Tetangco said the October inflation was within the government forecast of between 2.5 - 3.0 percent. "We continue to be confident that inflation will average 2.6-3.1 percent in 2007 and 3.0-4.0 percent in 2008," Tetangco said. One of Asia's best performing currencies, the peso has gained 12 percent against the U.S. dollar this year. It hit its seven-year high on Monday closing at 43.55 bouyed by strong remittances from overseas Filipino workers and stock market inflows. ______________________________________________________________ It's only money! ______________________________________________________________ Strong peso cushioning spike in world oil prices - Palace 10/31/2007 | 01:42 PM Malacaņang on Wednesday said the strengthening of the peso is cushioning the impact of the unabated increase in world oil prices on local pump prices. In a statement, Cerge Remonde, chief of the Presidential Management staff, said Dubai crude, which is the benchmark used by Philippine oil refiners, has reached US$ 83 per barrel. On the other hand, sweet crude has reached US$ 93 per barrel based on the Mean of Platts Singapore. On Tuesday, the peso closed at P43.85 against the dollar - breaching the P43-level for the first time in more than seven years. This is the highest level since July 2000. Analysts mainly cited strong foreign exchange remittances from overseas Filipinos for the strong peso performance. "With spiraling world oil prices... we can better appreciate strengthening of the peso which is currently at the level of about P44. The scenario would have been decidedly bleak had the value of our currency stayed at P50 levels," Remonde said. Remonde's statement came as the LPG Marketers Association (LPGMA) announced it is increasing liquefied petroleum gas prices by P5 a kilogram or P55 for each regular-sized tank. Arnel Ty, LPGMA president, citing record contract prices in the world market for the steep increase in LPG prices which he said will take effect at October 31 midnight. Ty also said prices of LPG automotive fuel or "autogas" will rise by P2.50 a liter. With the increase, autogas users, mostly taxi drivers, will have to shell out P27.50 per liter. In the statement, Remonde also assured that the government is doing what it can to assists the export industry and overseas Filipino workers and their families who were heavily affected by the peso appreciation. Financial assistance including loans and livelihood programs have been made available to the affected sectors, Remonde said. - GMANews.TV ______________________________________________________________ Philippines' Arroyo: Strong Peso A 'Mixed Blessing' Fri, Oct 26 2007, 06:34 GMT http://w MANILA -(Dow Jones) - Philippine President Gloria Macapagal Arroyo Friday said the peso's strength against the U.S. dollar is "a mixed blessing" for the country, helping offset the impact of higher oil prices but at the same time limiting the earnings of exporters and Filipino expatriates. "I think today that it is a blessing, even if it's a mixed blessing, that we have a strong peso because of the high price of energy in the world market. At least that's mitigated," Arroyo said at a business conference. "I think we're in a better situation, without of course glossing over the fact that we must help our overseas Filipinos and we must help our exporters," Arroyo added. At 0612 GMT, the peso was at a seven-year high of PHP44.02 against the U.S. dollar, slightly firmer than yesterday's close of PHP44.04. -By Cecilia E. Yap, Dow Jones Newswires; (632) 848-5051; cecilia.yap@dowjones.com (END) Dow Jones Newswires |