NEWSFLASH

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PESO GAINS 22 CENTAVOS, NOW P41.35:$1

Manila, Jan. 18, 1998 - The peso was still on a roll yesterday, gaining 21.94 centavos to a weighted average of P41.352 to $1, compared to Thursday's average of P41.571 to $1.

The volume of transactions ballooned to $252.75 million, more than double the $105.15 million the day before.

Traders said the Bangko Sentral ng Pilipinas sold some $150 million through three foreign banks.

Central Bank governor Gabriel Singson said the recovery of the peso was due to the inflow of dollars from the head offices of foreign banks, which are converting dollars into pesos for their lending and investment activities in the Philippines.

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