Peso closes at 61/2 -yr high! But what does it mean?

What follows is a post from PhilStar.com, i.e., very interesting news on the Philippine Peso breaking past its resistance level; closing at 61/2-yr high! What is even more interesting are the anonymous comments that follow, which showcase the Filipino's sense of humor in a different kind of light. Laugh trip!

The Post

The peso broke past its resistance level yesterday, closing at a six and a half year-high of 46.31 to a dollar as remittances from overseas Filipino workers (OFWs) started to peak helped along by foreign portfolio investments.

The peso closed at its intra-day high, with total volume reaching nearly a billion dollars at $971.85 million at the Philippine Dealing System (PDS).

The peso opened strong at 46.530 before hitting a high of 46.310 and a low of 46.570 to the dollar. Yesterday’s close was the highest since the peso last touched the 46.30-to-$1 level on Oct. 2, 2000.

The strength of the peso surprised the market which had expected a correction after Standard & Poors announced that it is keeping all the country’s credit ratings at present levels despite expectations of an upgrade in outlook.

Instead of weakening, the peso opened strong and never looked back throughout the session, also supported by the rally at the Philippine Stock Exchange which catapulted the index to a new all-time high.

“There’s a lot of hot money going into stocks, helped by positive investors sentiment on the Philippines,” said Roberto Vergara, head of treasurers at Land Bank of the Philippines.

The Bangko Sentral ng Pilipinas (BSP) said the peso picked up its strength from strong OFW inflows coming ahead of the reopening of classes in June.

BSP Deputy Governor Diwa Guinigundo said investment inflows are also strong, flowing into the equities market, money market and direct investments.

“These followed good news on inflation, the conduct of the election, our good international reserves and improvements in the banking sector,” Guinigundo said.

And the anonymous comments :)

Anonymous (May 22 2007 01:58:28)
hu, hu, hu, hu, pano na ung dollars ko, calling honasan and trillanes, please manggulo kayo ulit para magappreciate ulit ung dollars, also calling satur et al, pimentel, asan na kayo, bakit tahimik na bibig nyo?
Anonymous (May 22 2007 02:19:11)
Ha, ha, ha, ha, ha,...now, I can laugh out aloud ...my peso is getting stronger.....I can now go to MCDO and buy burger with few pesos...than before when I've got to shed off more ninoys and osmenas to buy me and my family french fries, spaghettis, bigmac burgers, and chicken nuggets....BUT, CAN I REALLY BUY MORE OF MY NEEDS WITH FEW PESOS THAT I EARNED? What's the real score of the Peso getting stronger? Is it good only in ECO THEORY or Good for those SPECULATORS? Would a strong peso showing produce a MACRO-EFFECT in terms of better living conditions of all Mang Pandoys in long-term or in short-term only? Tell me the reality, plsssss....ma'm Glo and those technocrats in her cabinets..
Anonymous (May 22 2007 02:52:22)
Hahahaha! Good for you dollar hoarders. Hahahaha!
Anonymous (May 22 2007 05:48:41)
di ko maintindihan ang relasyon ng pagtaas ng value ng piso at pag akyat ng presyo ng langis...dapat nga mag mura ang langis (imbes na tumaas), dahil mababa ang halaga ng dolyar...
Anonymous (May 22 2007 08:34:23)
wahahaha! kinakarma ang mga dollar hoarders. buti nga sa inyo! good job economic managers of this administration. sana tuluy tuloy na to.
Anonymous (May 22 2007 09:46:01)
Dear Fellow OFWs, don't send in you hard earned Dollars as even the Peso is stronger against the US Dollar, prices of basic commodities are still soaring and could very well contest to reach the peak of Mt. Everest. Fasten your family's seatbelt and save your hard earned dollars for now!
Anonymous (May 22 2007 10:43:16)
This is a good news to the country PROVIDED that this would actually reflect on the standard of living of the people there, MOST ESPECIALLY the those who are in Class C downwards. Otherwise this would just be another sort of 'cover up' to show the world, but behind the scenes are still people suffering from poverty, hardships, etc etc...
Anonymous (May 22 2007 10:46:48)
Wag naman sana ganyan. Mas mabuti magappreciate ang peso para ang mga pinoy ay hindi na kailangan lumabas pa ng Pinas para magtrabaho!
Anonymous (May 22 2007 10:48:48)
Amen. Ibalik si Erap!! Lugi kaming mga OFWs!! Joke only!!
Anonymous (May 22 2007 11:49:27)
. . . wala din sila dollar. naubos sa election.
Anonymous (May 22 2007 11:50:27)
This is very good. Though we cannot immediately feel the effect of peso appreciation, sooner we will reap the fruits of this situation. I even hope na sana mag-appreciate pa...Maybe 20 pesos to a dollar. That way competitive na ang ating salary compared to other countries.
Anonymous (May 22 2007 11:50:28)
This is very good. Though we cannot immediately feel the effect of peso appreciation, sooner we will reap the fruits of this situation. I even hope na sana mag-appreciate pa...Maybe 20 pesos to a dollar. That way competitive na ang ating salary compared to other countries.
Anonymous (May 22 2007 11:51:02)
ok lng ang pagbaba ng dolyar dahil untitunti ng bumabagsak si Bush....................... hindi dahil sa economiya ng pilipinas............ bagsak parin ang economiya ng bansa....
Anonymous (May 22 2007 12:03:05)
waahhh.....calling all destablizers and Catholic bishops, and Eddie V...mangulo ulit kayo.....kawawa naman kaming OFW....
Anonymous (May 22 2007 12:46:40)
ano ngayon kung tumataas ang peso? gumaganda ba ang ekonomiya ng pinas? bakit ramdam ba ng tao yan? eh hindi naman bumababa ang bilihin, eh gasolina nga lalo pang tumaas after ng election. dapat kapag lumalakas ang peso, bumababa ang bilihin kasi all raw material imports, bumababa din. eh hindi naman ganun nangyayari eh. eh bakit kapag tumataas ang dollar, sinasabi ng mga negosyante na kelangan nila magtaas ng presyo kasi mahal raw ang raw material imports nila. tapos mababa pa ang interest ngayon kaya pabor sa negosyante. sana rin po bumaba ang mga presyo ng bilihin para makinabang naman ang mga pinoys.
Anonymous (May 22 2007 01:12:40)
wow! peso-dollar exchange: 46.06 to 1$ stocks: 3,505.66 go go go peso and stocks! that means a lot of investments are coming in which is good for the economy. Please wag na mag comment yung mga hindi nakakaintindi ng economic activities and yung mga hindi naman graduate ng ECONOMICS. We'll reap the fruits NOT NOW! as IN NOT NOW! kasi di naman agad mararamdaman yng effect ora mismo! yung mga naghahanap ng epekto ngayon na agad e ewan na lang sa inyo. Mag aral muna kayo ng ECONOMICS ok?
Anonymous (May 22 2007 01:15:02)
bakit gustong gusto mong magkagulo.......kaya umaalis mga investors d2 e dahil sa kagagawan mga nanggugulo...... mag invest ka nlng sa stocks para kumita yan pera mo?
Anonymous (May 22 2007 01:16:01)
ps. source ko nga pala is inq7.net. sorry STAR sila kasi meron ng updated stocks and peso-dollar exchange. PEACE! hope you wont mind STAR publisher. hehe.
Anonymous (May 22 2007 01:17:20)
pasensya ka actually aabot pa ng 40 pesos ang dollar.....ha ha ha!!!!!!!!
Anonymous (May 22 2007 01:50:29)
Oh boy, don't ever wish that Gringo or Trillanes will do some disorder to prop up the dollar. No matter how unacceptable it might be to some, it was a huge chunk of the populace who voted for them, and they now are obliged to work for the country. I think the two new senators will do their best to uphold their principles through the most legal means in office. Those taking advantage of the currency fluctuations are the ones who need to think twice and wonder if they are really doing good for our country. You can view my other insights in http://jaybubwit.blogspot.com
Anonymous (May 22 2007 02:52:01)
Tanong ko lang, noong peso ay 25 to the dollar at naging 50+ at ngayon naging 46 ulit, may pagbabago ba sa situation ng regular na empleyado at mamamayan? I think ganun pa rin ang presyo ng mga bilihin either tumaas or bumaba man ang value ng peso sa dollar 'coz one negative variable would always offset the other positive variable. At yung nagsasabi na mas marami na siyang mabili sa MC Do ngayon kesa dati... In your dreams!
Anonymous (May 22 2007 02:54:44)
Sa ibang bansa lang gumagana Mc Do index sa Pilipinas Jolibee Index...