NEWSFLASH

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PESO STEADY AGAINST ASIAN TURMOIL

Manila, Oct. 29, 1997 - The peso firmly rejected regional pressure and emerged stronger at P35.15 from its early opening of P35.35 to the US dollar. Other Asian currencies did not fare as well.

The South Korean won spun downwards to a historic low of 956 to the dollar, with the central bank of Korea intervening in vain.

At the end of the day, The Philippine currency settled to a weighted average of P35.319, just slightly lower than the P35.293 average the day before.

Traders say the central bank was supporting the peso throughout the day. Bangko Sentral ng Pilipinas governor Gabriel Singson appealed for calm, assuring the public that "the Philippines can weather this on the strength of many internal reforms already taken and will emerge even stronger."

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