Arab Today, arab today philippine peso declines
Last Updated : GMT 00:00:56
Arab Today, arab today
Arab Today, arab today

Philippine Peso declines

Arab Today, arab today

Arab Today, arab today Philippine Peso declines

Manila - Arabstoday

The Philippine peso fell for a second day after Moody’s Investors Service downgraded the credit ratings of 15 global banks, adding to concerns about a global economic slowdown. The currency declined this week for the first time in a month as the central bank reported the balance of payments surplus dropped 73 per cent in the first five months of the year to $1.3 billion (Dh4.8 billion). Governor Amando Tetangco predicted it will end 2012 at $2.6 billion, compared with an earlier estimate of $2.8 billion. “The downgrade of the banks generally weakened investor sentiment,” said Raul Tan, head of the balance-sheet segment of Rizal Commercial Banking’s Treasury Group in Manila. Implied volatility The peso fell 0.1 per cent to 42.452 per dollar as of 11.43am local time, according to prices from Tullett Prebon. It declined 0.5 per cent this week. One-month implied volatility, which measures exchange-rate swings used to price options, was unchanged at 5.95 per cent. The central bank will “respond, as appropriate, to ensure there is no excessive volatility in domestic markets” caused by developments in Europe and the US, Tetangco wrote in an email on Thursday. Authorities will ensure growth is sustained while inflation targets are met, he added. The Federal Reserve this week cut its 2012 expansion estimate to a range of 1.9 per cent to 2.4 per cent, compared with an April prediction of 2.4 per cent to 2.9 per cent. The US is the Philippines’ biggest source of repatriated funds and its second-largest export market. Remittances support Cash sent home by Filipinos living overseas increased 5.3 per cent in April from a year earlier, compared with a 5 per cent gain in March, the central bank reported on June 15. Exports rose 7.6 in April following a 1.2 per cent drop the previous month, official data show. Overseas sales and remittances account for more than 30 per cent of the $200 billion economy. “We’re still seeing steady flows in remittances as well as revenue from the outsourcing sector,” Rizal Commercial Bank’s Tan said. “Philippine assets are supported by strong growth and stable inflation.” The yield on 7.375 per cent government bonds due March 2021 rose three basis points on Friday, or 0.03 percentage point, to 5.4 per cent, according to Tradition Financial Services. The rate was 5.43 per cent at the end of last week.from gulfnews.com

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