PESO CONTINUES SURGE, TRADES AT P33.90/DOLLAR
Manila, Nov. 13, 1997 - The peso gained 1.8 percent against the US dollar yesterday, for a weighted average of P33.907, the highest it has reached in four weeks.
Governor Gabriel Singson of the Bangko Sentral ng Pilipinas said he expects the peso to strengthen further in the coming weeks with the arrival of overseas workers' remittances.
Analysts estimate that of to 2/3 of the $5 billion remitted annually by overseas Filipinos is sent in during the fourth quarter, in time for the Christmas season.
Reported by: Sol Jose Vanzi
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