NEWSFLASH

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SOARING PESO NOW 42.622:$1

Manila, Jan. 16, 1998 - The peso continued to strengthen yesterday, gaining 98.9 centavos to settle at an average of P42.622 to a dollar.

The non-stop climb of the Philippine currency prompted traders and dollar holders to sell their greenback holdings, thereby bringing sufficient supplies of dollars to the foreign currency market and causing the peso to regain further strength.

During the day's trading the peso hit a high of P42.30 to a dollar and a low of P43.35 before closing at P42.30.

Transactions at the Philippine Dealing System amounted to $159.1 million

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