As economic sanctions loom over the Philippines as a result of the increasing tension between the Philippines and Taiwan what kind of effect will it have on the two countries?
'Fiscal cliff' deal lifts peso to near 5-yr high
STRONGER PESO. The local currency has been appreciating against the dollar. Photo from AFP
MANILA, Philippines - The Philippine peso closed at an almost 5-year high a day after the US, the world's largest economy, resolved its "fiscal cliff" issue.
On Thursday, January 3, the local currency gained 9 centavos to P40.77 from its previous day's P40.86 level.
Thursday's exchange rate marked the strongest level the peso has reached since March 6, 2008, when it closed at P40.56 to a dollar.
Total dollars traded reached $983.7 million, higher than the $931.8 million traded the previous day.
A strong peso is a bane to dollar earners, including overseas Filipino workers, exporters of Philippine products, and Business Process Outsourcing (BPO) firms.
The Philippine peso was the best-performing Southeast Asian currency in 2012 after it settled on the last day of trading at P41.05 against the dollar, or 6.5% stronger. - Rappler.com
EDITOR'S PICK
-
-
New high: PSEi breaches 7,400
The PSEi continues its post-election rally as it nears the 7,400 mark
- >Mining reform bill a priority in next Congress
- >Gokongwei-led JG Summit earnings down 1% in Q1
- >Govt may float bonds for MRT-3 takeover
- >Power outages not supply related - DOE
- >Anchor Land Q1 income jumps 13% to P295-M
- >Facebook outlook still muddled one year after IPO
- >Day after polls, PSEi breaks 7,300 barrier
