Sad article about the Peso, in phils, good for tourists bad for the phils economy, oh well with the recent bombings maybe it will spur tourism.
Saturday, October 19, 2002 0:52:45 a.m.
Peso hits new 14-month low of P53.29:$1
The peso on Friday closed at a fresh 14-month low of 53.29 against the U.S. dollar, depressed by security concerns and worries over slowing growth prospects.
The peso opened at 53.00 from Thursday's close of 52.98. It fell to 53.29, last seen in August 2001, on news of a grenade blast in Makati City, the country's financial district, and data showing export growth losing momentum.
No one was hurt in the incident, which came a day after bomb blasts in Zamboanga City killed seven and wounded 162, and less than a week after the bombings on the Indonesian island of Bali that killed more than 180 people.
The peso, already pressured by rising corporate dollar demand, was pulled further down by trade data showing a $174-million deficit in August after three consecutive months of surpluses. The latest data backed the view that exports were losing momentum.
The local unit averaged at 53.189 on total volume of $105 million.
Reuters/abs-cbnNEWS.com
