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PIA Press Release
2007/04/27

Peso hits six-year high of 47 vs. US dollar

Manila (27 April) -- The peso hit a new six-year high of 47.455 against the dollar with volume of trade reaching $658.3 million.

The Palace said strengthening of the peso is fundamentally supported by the strength of foreign exchange inflows of remittances from Overseas Filipino Workers (OFWs) and investments into the equities market.

These foreign exchange inflows, Malacaņang added, are expected to continue to surge in the coming months up to the opening of classes in June with OFWs sending money to their families for school tuition. (PIA 10) [top]

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