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...