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Article: P/$ rate stands at P48.08/$ 1.(News In Brief)
- Article from:
- Manila Bulletin
- Article date:
- October 20, 2008
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The peso exchange rate closed at P48.08 to the US dollar last Friday at the Philippine Dealing & Exchange Corp. (PDEx). The weighted average rate stands at P47.983.
No liquidity crunch - DB
The banking industry has so far raised P32 billion by selling debt papers to beef up their capital position. "The Philippine financial system seems a picture of calm amidst the global storm," Deutsche Bank (DB) said in its banking and finance Philippine commentary. "It is important to note that in our view, that these funds were raised not to shore up damaged balance sheets. They were instead used to either fund maturing obligations (at much lower cost than the ones ...