CENTRAL BANK EXPECTS PESO RECOVERY
Manila, Oct. 12, 1997 - President Fidel Ramos was assured yesterday that the peso will recover by next week. Central Bank Governor Gabriel Singson told the president that the upswing trend of the peso vis-a-vis the US dollar will continue until Monday, Tuesday and the rest of the week.
The Philippine currency gained by P2.40 to the dollar in the last two trading days and ended with a weighted average of P33.16 Friday. It had fallen more than 30% in value since it was allowed to float last July 11.
After a lengthy meeting with Governor Singson, President Ramos said the country's economic managers are doing their best to curb speculations against the peso. While acknowledging that a lot remains to be done, he gave the assurance that the currency fluctuations as a temporary setback that will not affect the economic gains of his administration.
Reported by: Sol Jose Vanzi
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