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Peso up vs dollar on IPO inflows — BSP |
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The Manila Bulletin 03/11/2005
Bangko Sentral ng Pilipinas governor Rafael Buenaventura attributed the peso’s recent rally to increased inflows of US dollars from investors seeking to participate in two initial public offerings at the Philippine Stock Exchange. The peso closed higher at P54.25 from P54.41. He said some local market players are also selling their US dollars to buy shares in Manila Water Co. and SM Investments Corp. "There is also anticipatory short-selling of US dollars, and for some reasons, remittances from overseas Filipino workers continue to come in," Buenaven-tura said. The peso extended its rally against the US dollar at the end of the morning trade, averaging P54.214 to the US unit, compared to yesterday’s close of P54.41. Total value turnover has so far reached $276.5 million. Buenaventura said the peso could post further gains should the government be able to sustain the improvement in its fiscal performance. Investors are now awaiting the passage of a bill that would raise the value-added tax rate to 12 pct from the current 10 pct and remove certain exemptions. Late last year, Congress passed two revenue measures, one increasing the tax rate on liquor and tobacco products, and the other instituting a system of rewards and penalties for revenue-generating agencies of the government. This week, the government reported that its budget deficit reached P16.5 billion in January, less than a third of the government’s first quarter budget deficit ceiling of P77.8 billion. Finance Secretary Cesar Purisima said the government intends to accelerate its fiscal deficit reduction program and hopes to achieve a balanced budget ahead of its 2010 target. (XFN-Asia) Last year, the government posted a budget deficit of P186.1 billion, which represents 3.9 percent of GDP. It is now looking at a full-year budget deficit target of P180 billion, representing 3.4 percent of GDP. |
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