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PIA Press Release
2007/09/24

Commentary: Strong peso to cushion impact of oil price

Manila (24 September) -- Despite the political noise due to the National Broadband Network (NBN) controversy, the peso rate had remained unaffected. In fact, recently, the peso closed at a high rate of 45.33 to a dollar. It was the peso's strongest close in more than a month.

Thus, analysts explain that a strong peso would help cushion the impact of high oil prices, which is expected to stay at high levels for a long period.

With the direction that the Philippine economy indicators is going, economists say this shows that the market is now more mature while investors still look at the country's strong fundamentals, data, and not on speculations.

Meanwhile, Bangko Sentral ng Pilipinas (BSP) officials are confident that this year's inflation target would be met despite the oil price increases. The average inflation rate from January to August was safely at 2.6 percent, which is on the low end of the projected range of 2.6 percent to 3.1 percent for the whole of 2007. The rates are well below the targeted four to five percent for this year and even the 2008 target of three to five percent. [top]

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