RECORD LOW FOR PESO: P41.80/$
Manila, Jan. 4, 1998 - The peso fell to a new low of P41.80 to the dollar yesterday, prompting a call for the government to intervene in the foreign exchange market.
The weighted average settled at P41.078 to a dollar, losing 96 centavos from the P40.11 average registered Dec. 29, the last trading day of 1997.
Despite the peso's continued fall, Bankers Association president Deogracias Vistan expressed confidence the currency will not breach the P50 to a dollar mark this month.
Reported by: Sol Jose Vanzi
© Copyright, 1998
All rights reserved