NEWSFLASH

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PESO GAINS 65 CENTAVOS

Manila, Jan. 29, 1998 - The peso continued its climb yesterday, gaining 65 centavos when it closed at P42.30 to $1, compared to the closing rate of P43.080 to $1 Monday.

Foreign exchange dealers said "hoarders of dollars are unloading" and saw no profits in holding on to foreign currencies.

The expected inflow of more than $500 million from Marcos Swiss deposits is also expected to strengthen the peso, since the amount would be deposited in a Philippine National Bank escrow account and would be considered an addition to the country's foreign currency reserves.

The volume of transactions was heavier than usual, totalling $343.30 million as dollar holders unloaded in the market.

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