NEWSFLASH

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PESO NOW P35.30/DOLLAR

Manila, Oct. 28, 1997 - The peso settled lower for the third consecutive day yesterday, as Treasury bill rates rose across the board in yesterday's auction.

There was confusion on the rate that the government securities were to be redeemed b the Bangko Sentral ng Pilipinas (central bank).

The peso closed at P35.21 to the collar, but was averaged at P35.293 , down 45.9 centavos from Friday's average of P34.83.

Volume was higher at $103.5 million, from Friday's sluggish $74 million. Lack of corporate demand helped the peso from sliding further. The central bank stepped in when morning deals pulled the peso down to P35.50.

Traders are banking on the seasonal remittances from Overseas Contract Workers (OCW) who traditionally increase the money they send home during the holidays.

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