The Philippine peso dipped into uncharted waters when it reached an intraday weakness of Ps52.950 $1.01 another historic low for the embattled currency.
The peso finally closed at 52.780 to the US dollar with a volume of $158 million.
This disheartening performance of the peso follows in the wake of the debilitating testimonies of two high profile finance executives who abandoned the Erap presidency precisely for the corrupt acts testified upon by them in the ongoing first-ever impeachment trial of an Asian impeachment.
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The first to testify was Edgardo Espiritu, a self-confessed close friend of President Estrada who started out as one of the Presidents campaign leaders and...