NEWSFLASH

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PESO CROSSES P37=$1 LEVEL

Manila, Feb. 13, 1998 - The peso hit P37.568 to the dollar Wednesday, as investors' attitude towards Asian economies improved.

It was the peso's strongest level since mid-December last year.

"Clearly, investors' positive outlook for the region is evident in the dramatic recovery of the stock market as well as the continued rebound of regional currencies," a Global Bank trader said.

Volume turnover reaches $169.25 million by noon, and the peso settled at P38.85/dollar at closing, an improvement of 43 centavos from Tuesday's close.

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