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PIA Press Release
2006/10/05

Strong peso chops $340M off Manila’s interest bill

Quezon City (5 October) -- THE PHILIPPINES saved P17 billion ($340 million) in interest payments in the first eight months due to the peso's bull run, Budget Secretary Rolando Andaya said.

The peso hit its highest level in more than four years this week on the back of upbeat economic news, easing political worries and strong remittance flows.

By 0340 GMT, the currency was trading at 50.025 against the dollar after breaking through the key psychological level of 50 per dollar on Monday, hitting a peak of 49.88 on Tuesday.

Andaya said savings from a strong peso could be used to help replace infrastructure ruined by Typhoon Milenyo, which ripped through the Philippines last week, killing 110 people and causing more than three billion pesos in damages to agriculture and property. (PIA) [top]

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