NEWSFLASH

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PESO STEADY AT P40.954=$1

Manila, Jan. 22, 1998 - The Philippine peso remained solid yesterday, unfazed by the downhill path of other currencies in the region.

The peso posted a modest gain of 4.6 centavos against he US dollar, maintaining a weighted average of P40.954 to $1, on the ninth consecutive day of appreciation against the American currency.

Foreign exchange dealers, however, caution against a slight correction in the next few days although the central bank is now confident enough to even predict a P35-P38 exchange rate soon.

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