Where will the US $ stop?

[koppee1]

The long-term trend may appear to show a depreciating trend but it does not have to stay that way. If we can just reduce our foreign borrowings, increase our exports, attract more foreign direct and portfolio investments, increase our OFW inflows, reduce our dependence on oil imports, and grow our economy faster, the depreciating trend can be reversed. O nangangarap lang ako.

Hopefully this does happen. But I think corruption is so rampat in our government that no matter who is the president, nothing will really change. How can you change when everyone else below you is corrupt? I think if Macapagal steps down there isn't really any difference either. The next one is bound to have skeletons inside his or her closet as well. Do we really still think that people run for government because they want to help the country? :p

[BlueBimmer]

Peso-Dollar Exchange Rate As of June 29, 2005 4:24 PM
Official Rate from the Philippine Dealing System
Previous Close
55.690

PDS Close
P56.050 = $1.00

yari na ang piso...sana makabawi bukas

[Monseratto]

Peso tumbles to 56 to the dollar

Posted: 4:58 PM | Jun. 29, 2005

Erik de la Cruz
XFN-Asia


THE PESO breached the psychological barrier of 56 to the US dollar as moves to oust President Gloria Macapagal Arroyo, accused of cheating in last year's presidential election, gain more ground, dealers said.

They said the dollar's general strength also weighed on the peso, but they saw the central bank selling dollars in the spot market to prevent a freefall of the Philippine currency.



The peso closed at 56.05 to the dollar, slightly off the day's low of 56.06, on volume of 469.88 million usd.

It was the peso's weakest finish since January 11, when it settled at 56. 07. It closed at 55.69 Tuesday.

Dealers said demand for dollars was stronger in the afternoon session after the widow of film actor Fernando Poe, whom Arroyo defeated in last year's election, joined the calls for the president to quit.

Arroyo is also facing an impeachment complaint filed in the House of Representatives.

Arroyo publicly apologized on Monday for a controversial telephone call she made to an election official during the vote-counting last year, prompting her opponents to step up their calls for her resignation.

She has repeatedly denied she cheated in the election and has indicated that she will remain in office.

"There was a knee-jerk reaction after Susan Roces refused to accept Arroyo's apology. We will likely see a test of the peso's all-time low [of 56.45] in the coming days," a dealer at a commercial bank here said.

Earlier today, central bank deputy governor Amando Tetangco said the peso's continued weakness against the dollar was due to a confluence of factors, among which is the across-the-board strength of the US unit and the usual month-end dollar requirements of importers.

"Some market players are also citing the political noise," Tetangco told reporters on the sidelines of a businessmen's conference.

[bilog]

fly to US and work there...

para malaki ang value ng pera pagbalik sa pilipinas.

[Monseratto]

I hope this won't be another excuse for TMP to raise prices of their Thai-imported Fortuners. Madaming nagwawala na dito sa ibang forums.

[badkuk]

bilog:ly to US and work there...
para malaki ang value ng pera pagbalik sa pilipinas.

chain reaction na naman...ofws will probably hold off sending $$$'s home hoping to get a more favorable exchange rate, resulting in a shortage, resulting to higher $ rate.

[BoEinG_747]

THE peso yesterday crossed the psychologically important threshold of P56 per dollar as the local currency market absorbed the impact of President Arroyo's owning up to the voice on the now-famous "Hello, Garci" tapes and Susan Roces' call for her to resign yesterday.

The peso touched a fresh five-month record low of 56.06 before closing the day's trade at 56.05 do the dollar.

Arroyo yesterday said First Gentleman Jose Miguel Arroyo, who is accused by opposition lawmakers of receiving bribes from gambling syndicates, will leave the country, but analysts said the move would not ease pressure on the President.

Roces, widow of presidential candidate Fernando Poe Jr, who died in December last year, said in a press conference she could not accept Arroyo's apology and demanded her immediate resignation.

The peso began to tumble steadily this month after the revelation of the controversial taped phone conversations between the President and an Elections official whom she did not identify during her announcement Monday night but is widely believed to be Elections Commissioner Virgilio Garcillano.

On June 3, before Press Secretary Ignacio Bunye released what he described to be the real tape and the "fake" copy, the peso stood at 54.49 per dollar.

On June 6, when Bunye held his press conference to reveal the tapes, it slid to 54.58 per dollar. The day after his revelation, it slightly went up to 54.58.

The peso crossed the 55 per dollar barrier on June 10, closing the day's trade at 55.20 per dollar.

It see-sawed within the P55 per dollar range until yesterday's trade at the Philippine Dealing System, the foreign exchange trading pit where commercial banks buy and sell dollars among themselves.

[BlueBimmer]

Peso-Dollar Exchange Rate As of July 27, 2005 4:45 PM
Official Rate from the Philippine Dealing System
PDS Close Previous Close
P56.175 = $1.00 56.000

Open 56.100
High 56.200
Low 56.100
Close 56.175


we r doomed!

[mrpink]

.. well look at it this way .. dadami na project na naman ng mga outsourcing gigs dahil magiging cheaper labor ang pinas ..

[Monseratto]

Our currency devaluation should have been taken advantage of. However because of flip-flop goverment policies, poor infrastructure, a interventionist judiciary and a percieved militant labor force, most investors look elsewhere.