NEWSFLASH

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PESO FLIES, NOW P41.57:$1

Manila, Jan. 17, 1998 - The peso yesterday gained more than a peso against the US dollar, averaging P41.571 to the dollar from P42.62 last Wednesday.

The trading day saw foreign banks unloading dollars at Philippine Dealing System, the country's electronic spot foreign exchange system.

Bangko Sentral ng Pilipinas Governor Gabriel Singson said the foreign banks have been infusing dollars into the system to raise pesos and earn good profits due to the high interest rates right now.

Singson also said the foreign banks were now purchasing cheaper dollars to repay their foreign loans.

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