Wednesday 18 April 2007

Remittances Push Philippine Peso To 6-Year High

April 17, 2007 8:59 p.m. EST

Geoffrey Ramos - All Headline News Staff Writer

Manila, Philippines (AHN) - The Philippine peso reached yet another six-year record Tuesday, closing at 47.71 to-the-dollar due to strong overseas remittances and fresh stock investments.

The 30-day Philippine Stock Exchange index also performed well, rising to 50.31 points or 1.5 percent at 3,318.17. On Monday, the index had climbed 1.6 percent.

The peso again broke a six-year record, ending at 47.71 to the dollar and gaining a fifth of a percent from 47.80 the previous day.

The government earlier on Monday said remittances from Filipino overseas workers climbed 25 percent to $1.1 billion in February, continuing a 10-month inflow performance above the $1 billion mark.

Philippine Long Distance Telephone Company, after announcing a $44 billion-acquisition of U.S.-based healthcare billing firm Springfiled Service Corporation, led all gainers at 4.6 percent.

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