NEWSFLASH

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PESO GAINS P1.79, NOW P40.133=$1

Manila, Feb. 5, 1998 - The peso appreciated sharply against the US dollar yesterday, gaining P1.79 per dollar to an average of P40.133=$1 against P41.924/$1 last Monday.

The local currency broke through the P40=$1 support level and hit a high of P39.60 to the dollar before closing at P40.50/dollar.

It was the first time in two months that the peso reached a high of P39, in a week marked by general currency improvement in the region.

Traders expressed confidence that the peso value would remain above the P40 level for the rest of the week.

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