NEWSFLASH

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PESO CONTINUE TO WEAKEN, LOSES 49.6 CENTAVOS

Manila, Nov. 19, 1997 - The peso yesterday continued to slide, losing 49.6 centavos to average P34.547 from P34.051 the other day.

Bangko Sentral ng Pilipinas governor Gabriel Singson said the peso "followed the substantial depreciation of the regional currencies and came under pressure from some corporate demand."

The peso opened at P34.25 and closed at P34.96.

"We are a stable exchange rate, not necessarily lower. Of course that would help," Governor Singson said.

Volume turnover at the Philippine Dealing System rose to $199.7 million from $115.9 million previously.

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