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Article: Peso hits high of P53.10; continued recovery seen.(Main News)

Article from:
Manila Bulletin
Article date:
March 27, 2003
Copyright

Byline: FERDIE J. MAGLALANG & FIL SIONIL

Malacanang expressed confidence yesterday that the peso will continue to recover from speculations despite the prospect of a protracted war in the Middle East that others fear would bring more uncertainties in the prices of crude oil and subsequently, of the basic commodities.

Presidential spokesman Ignacio Bunye said the recent appreciation of the peso over the dollar amid the backdrop of an ongoing conflict in the Middle East showed that the Philippine currency is supported by what he called "a comfortable level" of gross international reserves and robust export growth.

"The latest movements in the ...

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