Only in the Philippines!

The peso strengthened to its strongest level in nine months, breaking the P47-$1 level again and closing at its high of P46.70 against the dollar yesterday.

Yesterday’s close was the strongest since Jan. 9, when the unit closed at P46.45.


A trader from a foreign bank said the government’s announcement of another bond issue this year also pushed the peso up, even as it took the market by surprise. The new bond issue was reported to help finance the rehabilitation spending in the wake of storm Ondoy.

The peso may also have been helped by improved fundamentals, with the government’s plan to sell assets this quarter helping to put the budget-deficit target “back on track,” Finance Undersecretary Gil Beltran said.