NEWSFLASH

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PESO GAINS, TRADES AT P34.75/DOLLAR

Manila, Oct. 30, 1997 - The Philippine peso yesterday was stable at P34.75, boosted by dollar inflows and a psychological cap placed by the Bangko Sentral ng Pilipinas on the value of the US currency.

The central bank offered to sell dollars at P35.20, which was a signal to traders as the monetary authorities' preferred ceiling for the US currency.

Many dealers attributed the peso's recovery to the one-on-one meetings and telephone conversations between the central bank Governor Gabriel Singson and the bank presidents, who were asked not to speculate on the peso.

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