NEWSFLASH

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FVR PREDICTS P35=$1 RATE

Malacanang, Feb. 22, 1998 - President Fidel Ramos is predicting that the exchange rate will eventually settle at P35 to one dollar.

The President made the statement during the call of Arthur Ryan, chairman of the Prudential Insurance Co. at Malacanang.

"The figure is improving. The Philippine peso continues to gain strength vis-a-vis the US dollar," Mr. Ramos told the insurance executive.

The peso traded at P39.79 to the dollar Thursday, but slid back to P40.33/$1 Friday.

President Ramos said a rate of P35=$1 would be acceptable to both consumers and exporters. Federation of Philippine Industries president Raul Concepcion said manufacturers may be able to normalize production if the exchange rate stabilizes at P35 to the dollar.

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