NEWSFLASH

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PESO GAINS 93 CENTAVOS, NOW P41.82=$1

Manila, Jan. 30, 1998 - The peso yesterday gained 93 centavos to the dollar, at the Philippine Dealing System, settling at P41.827 to the US dollar. Volume of transactions was only $144 million.

The peso is expected to continue strengthening towards the end of the first quarter to a rate of P39.80 to the dollar, according to Hongkong Bank senior vice president for treasury and capital markets Mark Boyne.

Boyne cited sustained net inflows into the capital market and the availability of instruments that help ease the concerns of corporations with dollar liabilities. An estimated $100 million to $200 million in portfolio investment has come into the capital market over the past two weeks with more expected soon, he said.

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