Another record day for the Philippine peso: Ps51.40:$1

Buffeted by politics and speculative trading, the peso has fallen to a new low.

Another day, another record. On October 27, 2000, the Philippine peso hit another intraday trading record low of Ps51.400 to the US dollar, before closing at Ps51.080 at 4pm when the Philippine Dealing System closed for the day.

The speculators are savagely attacking the peso which is being saddled with the weight of political problems stemming from allegations by a northern provincial governor and self-confessed gambling lord that President Joseph Estrada is on the take.

The volume traded at the PDS was only $46 million, lower than the previous days $58 million and well below the usual volume of $90 million to $125 million in the last two months.

The Bangko Sentral...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222