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PIA Press Release
2006/10/31

Peso posts lowest value in September 2006 in Biliran

By Rodrigo S. Victoria

Naval, Biliran (31 October) -- In the latest data of the Industry and Trade Statistics Department of the National Statistics Office (NSO) in Manila, the value of peso posted the record lowest purchasing power in the month of September 2006 in the province of Biliran with a value of only 0.74.

NSO defined purchasing power of peso as a measure of the real value of the peso in a given period relative to a chosen reference period.It is also an important economic indicator derived from the consumer price index and can be computed by getting the reciprocal of the consumer price index and multiplying the result by 100.

The NSO data on the purchasing power of peso in the province of Biliran was part of the major statistical data presented to the representatives of local and national government agencies during yesterday's forum sponsored by NSO-Biliran headed by Rose Marie V. Lumbre, Provincial Statistics Officer.

Major topics presented include the 2005 Family Planning Survey Results for Region 8 by Sheryl Ann A. Jamisola, Statistician I of NSO 8, 2000 Census-Based Population Projections by Mae R. Almonte, Regional Statistician, NSO 8, Biliran Consumer Price Indeces, Inflation Rates and Purchasing Power of Peso by Rose Marie V. Lumbre and the 2005 Vital Statistics Report by Renavil V. Cuerva, Provincial Statistician of NSO-Biliran.

Based on the report presented by Lumbre, the purchasing power of peso in Biliran province recorded an all-time low within a period of six years and nine months.

The report showed that the purchasing power of peso in the province of Biliran in September 2000 was recorded at 0.99, 0.91 in September 2001, 0.90 in September 2002, 0.88 in September 2003, 0.85 in September 2004, 0.78 in September 2005 and 0.74 in September 2006.

According to Lumbre, the changes in the purchasing power of peso is affected by the average prices of goods and services commonly purchased by households at a given period of time, thus, the higher the prices of goods and services the bigger its effects to the value of peso.

Lumbre said that the purchasing power of peso must be made known to local chief executives and development planners in the local government units and concern national government agencies and other private sectors involved in the development efforts so that this would serve as their basis in crafting development plans and policies geared towards achieving the full economic development of the people in the community. (PIA-Biliran) [top]

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