Latest word from Banko Sentral ng Pilipinas, the Philippine Peso increased value from 47.46 to 47.345 to the dollar. Total exchanged volume = $682 million. It was too good too fast that the BSP had to keep it out of the market late Friday May 4/07. If not, it could have gained stronger ground at 47.20 to the greenbuck.
hmmm. This is good news folks. If not for us in the U.S., it is for our brothers and sisters in the Philippines. The cause of the Peso Rally - Overseas Dollar Remittance. Good job Finance Secretary Margarito B. Teves (who was in Kyoto, Japan) for leading us in the right direction with stronger tax collection thru the BIR.
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