NEWSFLASH

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NEW $ CONTROL: $10,000 LIMIT PER TRAVELLER

Manila, April 14, 1998 - The Bangko Sentral ng Pilipinas has approved the re-imposition of dollar controls, limiting the amount of dollars that can be taken out of the country to $10,000 per traveller per trip. The restriction is aimed at helping resuscitate the Philippine currency.

Central bank officials explained that any traveller carrying more than $10,000 will need "necessary documentation."

The current limit on dollars that can be brought out by one person is $25,000. The new limit will take effect at the end of the month or early next month, according to Bangko Sentral officials.

The limit was imposed to prevent the further depreciation of the peso against the US dollar by reducing outflow of foreign currency.

The peso has shown stability in the past weeks, closing at P38.10 to the dollar Wednesday before the market closed for the Easter holiday. Monday, April 13, it gained more strength and averaged P37.60=$1.

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