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  1. Join Date
    May 2005
    Posts
    1,384
    #31
    sana maging mas mura ang presyo ng tsikot .. hehe ..

  2. Join Date
    Oct 2002
    Posts
    2,470
    #32
    It's still a wait and see situation. E-VAT helped but we all know that REMITTANCES DRAMATICALLY strengthened the PESO.

  3. Join Date
    May 2005
    Posts
    1,384
    #33
    i really don't feel the effect of the peso appreciation (yet) .. hindi naman bumababa yung presyo ng mga bilihin .. ang sinasabi lang ng mga finance dept eh liliit yung foreign debt natin .. pero wala naman nagsasabi kung may increase sa budget allocations in the other sectors of society .. baka pork barrel lang yung itaas nila ..

    ang na-feel ko lang impact eh medyo nawalan ng value yung $$ accounts and investments ko .. at least mas mura na pumunta sa HK Disney .. hehe ..

  4. Join Date
    Feb 2005
    Posts
    857
    #34
    Hay naku! This government is taking credit for something that is not their own doing. OFWs ang tunay na mga bayani ng bansa!!!!

  5. Join Date
    Aug 2005
    Posts
    4,293
    #35
    Its not pro or anti GMA ka, very sensitive kasi ang economy natin sa political happenings dito sa atin. Unlike sa Taiwan or Korea kahit nagsuntukan na mga politico nila still steady pa rin ang economy, dito sa atin simple maling words lalabas sa mouth ng politico nag rereact ang market. Negosyante din ako, kalokohan diyan sa manila affected kami dito sa probinsya.

  6. Join Date
    Aug 2005
    Posts
    4,293
    #36
    Quote Originally Posted by mazdamazda
    why do people always give political color to the things happening here?

    try reading the business section instead of the front pages. instead of being always pro or anti GMA / governement we should already look beyond that if we want to grow up.

    Yes read the business section, stock markets etc..and they will tell you what is in the front page or headline.

  7. Join Date
    Oct 2002
    Posts
    1,271
    #37
    this one from a business newspaper (businessworld online)...and what does it says?

    http://www.bworldonline.com/BW010406/content.php?id=001

    Further peso gains seen
    P52.50:$1 next target but dealers warn of reversal

    Strong dollar remittances from abroad and lack of demand are expected to keep pushing the peso up, with the currency testing the P52.50 level in the near term after reaching a 32-month high in the past couple trading days.

    "The direction is further appreciation but there will be bouts of correction," said Tonypet F. Serrano, United Coconut Planters Bank foreign exchange trader.

    "It is likely, although it is difficult to tell, especially if demand comes in," cautioned Rovic M. de Guzman, Union Bank of the Philippines foreign exchange trading head.

    The peso yesterday broke the P52.80 resistance and rose to as high as P52.57. The last time the peso traded at these levels was in May 2003. Dealers said the near-term target is P52.50 but if it breaks, the peso is seen to test P52.30.

    "[The] market is still trying to look for where the dollar is going to support. The near-term target is P52.50. If it breaks, based on the charts, it might test P52.30," a currency trader from a local bank said.

    The local currency yesterday opened at P52.78, reached a low of P52.80 before it climbed as high as P52.57. It closed at P52.66, 17.5 centavos up from Monday. It averaged stronger at P52.652, up from P52.903.

    Banks said the trend was supported by remaining inflows from overseas Filipinos living abroad as well as lack of market demand.

    "This is still an extension of the trend. Admittedly, there are still residual tail-end remittance flows. The demand side is thin because of it is still the start of year," Mr. Rovic said, explaining that importers usually start buying their dollar requirements at the middle of the month.

    But he said that if the price of the dollar remains at these levels, some importers will begin covering and start hedging for their requirements, which could lead to a weakening of the peso.

    "If demand starts to catch up and surpass supply, we might see a reversal of this trend," Mr. Rovic said.

    Banks said the raising of the value-added tax (VAT) rate next month is crucial for the peso’s strength.

    "If the government manages to raise the VAT, and the fiscal performance continues to improve this year, the picture is becoming rosier. If investors see that reforms are in place and that there is political will for it to continue, then they will invest more," an analyst from a foreign bank said.

    More investments from abroad will foster an increase in the supply of dollars in the country, which eventually leads to a stronger local currency.

    The government is set to increase the VAT rate to 12% in February from the current 10%. This is mandated by the new VAT law which is expected to bring in an estimated P80 billion to P82 billion in revenues this year. The law is the cornerstone of the government’s efforts to curb its chronic budget deficit.

    However, other traders said the peso’s rise should be gradual.

    "The peso has risen nearly 40 centavos in the last two days. It might also reverse quickly," one trader voiced out.

    Although a stronger currency benefits importers and the government because it leads to lower interest payments on the country’s dollar denominated loans, it could affect the country’s export sector.

    "What importers want is a gradual movement so they can plan for it. Because companies can not just change their strategies overnight," the trader explained.

    Last Monday, the Philippine Exporters Confederation Inc. complained that a strong peso is hurting the industry. It said the country’s export sector has lost its competitiveness ever since the peso appreciated beyond the P54 level against the dollar since it has made local goods more expensive.

    Also yesterday, Development Bank of the Philippines (DBP) President Reynaldo G. David described the peso as the "best performing currency" as he predicted a P52 to the dollar rate in the first quarter.

    The market, said Mr. David, is finally reacting to fiscal reforms instead of political noise.

    "This is a fiscal driven improvement," he said.

    He cited two reasons for the continued strengthening of the peso: the implementation of a two-percentage point increase in the value-added tax rate next month, and growing remittances from overseas Filipino workers.

    Remittances, he said, are expected to remain strong despite the end of the holiday season. -- Karl Lester M. Yap with a report from M. E. P. Osorio

    Asian currencies hit new highs

    SINGAPORE -- Asian currencies hit multi-month highs yesterday, moving into 2006 on a strong note thanks to gains in local stock markets and optimism about economic growth in the region.

    The Taiwan dollar firmed up by more than half a percent from Monday’s local close to T$32.595 per US dollar, its strongest level in almost four months.

    The South Korean won rose to 1,002.3 against the dollar, its highest level in more than seven months, before suspected intervention by the Korean authorities trimmed its gains slightly in late trade.

    Both north Asian currencies have benefited from strong foreign buying of local stocks. Foreign investors were net sellers of Taiwan stocks yesterday but were net buyers on every trading day in December except one.

    Dealers said Asian currencies also benefited from the view that the dollar was likely to weaken in coming months as markets anticipated an end to the US monetary tightening that bolstered the currency last year.

    "Most people expect the dollar to depreciate quite sharply in the first quarter. So they are coming back from the holidays and trying to put on new positions * dumping dollars, especially against Asian currencies," said a trader in Singapore.

    Domestic factors such as better-than-expected economic numbers also weighed in favor of Asian currencies.

    But dealers said trade remained thin after the Christmas and New Year holidays and this exaggerated price moves. Markets in Japan, Thailand, New Zealand and China were closed yesterday.

    Stronger-than-expected economic growth helped push the Singapore dollar to S$1.6548 per US dollar, its strongest in more than four months.

    Singapore’s economy grew at an annualized rate of 9.7% in the fourth quarter of 2005, thanks to a big boost in manufacturing and stronger domestic demand, government data showed yesterday. The figure was higher than a 7.2% growth rate forecast by economists in a Reuters poll last week.

    "The data continues to hint that there is a big chance that the Monetary Authority of Singapore will tighten policy at the April meeting and I think the market is reacting to that," said John Cairns, head of research at IDEAglobal.

    The Indonesian rupiah, supported by data released on Monday, rose to a three-week high of 9,735 per dollar.

    Indonesian consumer prices rose 17.11% in December from a year earlier, below expectations of 18.30% and down from November’s 18.38%.

    Dealers said the data suggested the central bank may not need to lift interest rates much further in order to contain inflation and that this was positive for the rupiah.

    The Philippine peso extended its gains to hit a 2-1/2-year peak of P52.57 per dollar, up about half a percent from Monday’s close in local trade.

    Dealers said a breach of key chart levels on Monday, optimism about the Philippine government’s fiscal reforms and gains in the local bond market boosted the peso.

    "The breach of the 53 level yesterday was quite significant. There is a lot of bullishness right now with the economy and on the budget deficit being lower," said a trader in Manila.

    The Philippine budget deficit is expected to narrow to P125 billion, or 2.1% of GDP, in 2006, helped by additional revenues of about P80 billion from an increase in the value-added tax rate to 12% from 10%.

  8. Join Date
    Nov 2005
    Posts
    840
    #38
    Quote Originally Posted by BlueBimmer
    hmm so this means it is time to unload dollars kahit palugi...
    Time deposit ang ginawa ko noong medyo mataas pa ang rate (4%) for 6 months kesa unload ko. Sabi kasi babalik daw hanggang 54 by Feb or March.
    Dahil sa exchange rate, nabawasan tuloy suweldo from 300K he..he..he

  9. Join Date
    Apr 2004
    Posts
    663
    #39
    Quote Originally Posted by jeanpierre
    Time deposit ang ginawa ko noong medyo mataas pa ang rate (4%) for 6 months kesa unload ko. Sabi kasi babalik daw hanggang 54 by Feb or March.
    Dahil sa exchange rate, nabawasan tuloy suweldo from 300K he..he..he
    300K sweldo!!! nak ng... only in my wildest dreams will I ever be able to get that kind of pay!

  10. Join Date
    Apr 2004
    Posts
    663
    #40
    Quote Originally Posted by BlueBimmer
    hmm so this means it is time to unload dollars kahit palugi...

    Nonono... invest the dollars... para lumago. Especially now na mababa. Wise to invest it then it will return higher tapos if tumaas ulit back to P54=$1 then lalo pa lumaki pera mo.

    We invested in Banco de Oro's Smart Money Dollar Fund... mind you it payed back bigger than if we had placed it in time deposit.

    If you are weary of risk then partly invest in fund and partly put in a time deposit.

    I'm no expert... just sharing my experience which benefitted me and my family well.
    Last edited by RafRaf; January 4th, 2006 at 01:41 PM.

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[merged] Improving Peso-Dollar Exchange Rate