NEWSFLASH

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PESO BREACHES P40/$1 MARK

Manila, Feb. 10, 1998 - After months of hovering towards the P50 level, the Philippine peso Monday settled at a high P39.93=$1 rate, representing a gain of 76 centavos compared to Friday's closing rate of P40.69 to $1.

In the first week of January, the peso hit an all-time low of P46.50 to the dollar, meaning a 76.3% appreciation of the dollar against the peso from its level when the peso was allowed to "float" in July.

Despite fluctuations, the peso inched back to recovery and analysts were predicting a P40=$1 levelling off by end January.

Total volume of transactions Monday was $137.7 million.

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