NEWSFLASH

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PESO, STOCKS WEAKEN

Manila, Jan. 24, 1998 - The peso depreciated by 93.7 centavos yesterday to record an average of P42.160 to the dollar.

Total volume of turnovers was $203.6 million at the Philippine Dealing System.

Traders noted increased corporate dollar demand, with buyers outnumbering dollar sellers.

The fall of the Indonesian rupiah to an all-time low of 16,500 yesterday raised fears that it will inevitably drag down the relatively stable Philippine peso.

Meanwhile, shares closed lower for the second straight day yesterday, with the Philippine Stock Exchange index losing 47.66 points, or 2.72% to close at 1,707.61 points.

Properties tumbled 3.64% in light turnover of only P1.1 billion. Concerns of higher interest rates affected property stocks.

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