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  1. Join Date
    Aug 2007
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    850
    #41
    42.70 na ata.... mukhang bago matapos ang year eh aabot ng 42.....Pag umabot ng 41 eh bullishhhhhhhhhh :bwahaha:
    Last edited by suv; November 9th, 2007 at 10:46 PM.

  2. Join Date
    Aug 2007
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    820
    #42
    I expect it will still go to its lowest by end of november.

  3. Join Date
    Oct 2004
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    206
    #43
    sana nga lang macompensate ang pagtaas ng presyo ng langis ng strong peso to keep things stable. Kung hindi atay tayo nyan

  4. Join Date
    Sep 2003
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    22,947
    #44
    The goverment is having a hard time trying to find a balanced policy for the OFW and exporters on one side and the general public on the other. Do you think Central Bank should stop interfering and let market forces do its thing, send the dollar into a freefall? The peso is even doing better than the thread title predicted...

    Peso surges to 42.79:$1

    MANILA, Philippines--THE PESO on Friday breached the crucial 43-to-$1 psychological barrier, surging to a new seven-year high of 42.795 on strong foreign exchange inflows and the continued decline of the United States dollar over the US Federal Reserve chair's grim view of the US economy.

    Now Asia's best performing currency, the peso opened at an intra-day low of 43.19 and closed near the intra-day high of 42.67 against the US dollar. The peso gained 51 centavos from Thursday's finish of 43.305 against the US dollar.

    The US dollar hit a new record low against the euro and multi-year lows against other currencies after Fed chair Ben Bernanke's remarks on an expected US economic slowdown stoked expectations of another US interest rate cut in December.

    A potential cut in interest rates by the US Fed will make high-yielding assets from emerging markets like the Philippines more attractive to offshore investors.

    Traders said expectations of heavy foreign fund inflows into the stock market, remittances from Filipino overseas workers and the US dollar's broad weakness had boosted the peso.

    They said the peso's sharp appreciation was even tempered by the central bank's dollar purchases from the open market. They estimated that the Bangko Sentral ng Pilipinas' intervention accounted for about half of the $759.5-million volume at the Philippine Dealing System.

    The BSP has been intervening actively to slow the peso's gain to ease the pain of a strong peso on exporters and overseas Filipino workers. The Philippines' foreign exchange reserves have jumped 41 percent so far this year.

    But analysts also suspect the central bank is happy to see the currency appreciate slowly, to alleviate the pressure on inflation from rising food and crude oil prices.

    "The dollar is basically weak to start with," said Reevie Vergara, treasurer of the state-owned Land Bank of the Philippines.

    "There seems to be a majority in the market speculating that there will be a [US] Fed cut before the year's end although I personally think that they may postpone the rate cut," Vergara said.

    OFW cash flows

    Another factor in the peso's strong surge is the expectation that remittance flows would reach frenzied levels as the Christmas holiday season approaches.

    "The earlier they [OFWs] send money, the better for their families especially because they expect a further US dollar depreciation," Vergara said.

    The fourth quarter is a strong season for overseas remittance inflows ahead of Christmas, the country's longest and most extravagant holiday.

    Coupled with dollar inflows expected from the resurgence of foreign portfolio investments into the stock market and the expected privatization of the government's controlling stake in the PNOC-Energy Development Corp., traders are even seeing 42.50 now.

    "We're looking at 42.50:$1 next week," said Jonathan Ravelas, chief strategist at Banco de Oro-EPCI.

    "Only a move above the 43:$1 levels would suggest a near-term reversal is in place," he said.

    Large inflows were also expected following the sale by food and beverage giant San Miguel Corp. of its Australian investments in dairy, juice and beer to raise nearly $3 billion.

    The government will bid out on Nov. 21 its 60-percent stake in the PNOC-EDC, the country's largest producer of geothermal energy. The privatization, through which government hopes to raise more than $800 million to meet its deficit target for the year, has attracted foreign companies, including large Japanese conglomerates.

    Edging out rupee

    The peso has gained by more than 14 percent since the start of the year, edging out the Indian rupee, the region's strongest currency in earlier months.

    This week alone, the peso rose by about 2 percent.

    Because of the currency's strong rise, there is a growing expectation in the domestic market that the BSP would also cut its benchmark interest rates during the central bank's next policy rate-setting on Nov. 15.

    Other Asian currencies had far smaller gains. The Indonesian rupiah rose 0.35 percent to levels around 9,115 per dollar, the Singapore dollar was flat and the Malaysian ringgit gained a quarter of a percent to 3.3210 per dollar.
    Last edited by Monseratto; November 10th, 2007 at 08:30 AM.

  5. Join Date
    Aug 2007
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    850
    #45
    Quote Originally Posted by Monseratto View Post
    The goverment is having a hard time trying to find a balanced policy for the OFW and exporters on one side and the general public on the other. Do you think Central Bank should stop interfering and let market forces do its thing, send the dollar into a freefall? The peso is even doing better than the thread title predicted...
    kung hindi makikialam ang central bank. magiging magkano na dapat ang peso ngayon sa dollar?

  6. Join Date
    Nov 2005
    Posts
    840
    #46
    Affected ba ng pagbagsak ng dollar exchange rate mga dollar investment gaya ng sa AXA at Sunlife?

  7. Join Date
    Sep 2003
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    21,346
    #47
    P43.10

    from P42.79 last week.

  8. Join Date
    Dec 2006
    Posts
    818
    #48
    Another one from inquirer. Kelangan na talaga paghandaan 'to.

    [SIZE=6]Peso seen reaching 38 per dollar in ‘08 [/SIZE]
    InquirerLast updated 01:55am (Mla time) 11/27/2007
    [SIZE=3]The country’s second biggest bank, Banco de Oro-EPCI expects the peso to rise to as much as 38 to the dollar next year on strong overseas remittances, weaker US dollar and improved Philippine macroeconomic fundamentals.[/SIZE]
    [SIZE=3]The foreign exchange market will likely remain volatile and, given the peso’s strong performance, there may be a correction in the exchange rate, Banco de Oro chief strategist Jonathan Ravelas said.[/SIZE]
    [SIZE=3]Ravelas said any pullback next year would be limited to P46 per dollar.[/SIZE]
    [SIZE=3]“Strong OFW [overseas Filipino workers] remittances, along with portfolio flows, will help keep the currency on the stronger side,” he said. “But the currency will remain volatile amid economic stability.”[/SIZE]
    [SIZE=3]Support for the peso will come from the government’s healthier financial condition and the economy’s sustained growth, he said.[/SIZE]
    [SIZE=3]Last year, the national government’s budget deficit slid to 1.1 percent of the gross domestic product from a high of 5.3 percent in 2002.[/SIZE]
    [SIZE=3]Noting the government’s target to wipe out its deficit next year, Ravelas said “a balanced budget seems to be the order in 2008.”[/SIZE]
    [SIZE=3]But he added that an upgrade in the government’s credit rating would be unlikely, given uncertainties on government revenue flows outside of earnings from privatization.[/SIZE]
    [SIZE=3]Nevertheless, the enlarged leeway on the fiscal front is expected to support the economic growth momentum, Ravelas said. “The 2007 economic numbers corroborate the picture of robust economic expansion,” he said.[/SIZE]
    [SIZE=3]For next year, given an expected global economic slowdown, Ravelas expects the GDP growth to soften to 6.0-6.5 percent, still better than the average of 5.0-6.0 percent in the past few years.[/SIZE]
    [SIZE=3]This year, the GDP grew to 7.3 percent in the first half, its highest rate in 20 years. [SIZE=2]Doris C. Dumlao, with INQUIRER.net[/SIZE][/SIZE]



    Copyright 2007 Inquirer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



  9. Join Date
    Sep 2003
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    21,346
    #49
    Uyyyy.......P42.00+/USD. Tuwa OFWs nyan. He-he!

    Pero, sabi sa ANC, isa ito sa epekto ng madalas ng paglabas ng US$ sa bansa, particularly yung rice importation ng Pinas.

  10. Join Date
    May 2007
    Posts
    2,328
    #50
    Quote Originally Posted by chua_riwap View Post
    Uyyyy.......P42.00+/USD. Tuwa OFWs nyan. He-he!

    Pero, sabi sa ANC, isa ito sa epekto ng madalas ng paglabas ng US$ sa bansa, particularly yung rice importation ng Pinas.
    So mauubos na naman ang cash dollar reserve ng pinas. Naku tiyak na matutuwa na naman ang mga OFW niyan.

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US$ Exch Rate:Yr end:P43/Yr 2008-P37 & Yr 2009 - P30?