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PIA Press Release
2006/09/05

CB sees peso sustaining its strength

By Rose B. Palacio

Davao City (5 September) -- The Philippine peso hit a four-year high last Thursday and has sustained its upward momentum with strong remittances from overseas Filipino workers.

Bangko Sentral ng Pilipinas (BSP) deputy governor Diwa Guinigundo said "once you get the continuing flows coming from OFWs then you will be convinced that the strong peso maybe sustained."

Earlier last Thursday (August 3), the peso strengthened beyond key resistance of 50.88 per dollar, its highest since July 2002. (PIA-XI) [top]

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