Monday, June 09, 2008

Peso could hit 47 to $1

Just a follow up post to my previous post over a week ago.

Lay May 27, I said:

By year end, the Peso could reach as low as, probably 47.5 to 48.0.


On the news today from PDI:

By Michelle Remo
Philippine Daily Inquirer
First Posted 02:04:00 06/10/2008

Development Bank of Singapore (DBS) is projecting the Philippine peso’s exchange rate at 47 to the dollar this year, given the rising costs of imports, especially fuel and other commodities.

“Higher commodity prices have pressured the trade balance via costlier imports. We are mindful that it could still head higher,” DBS said in an assessment of economic developments in the Philippines.

It noted that the peso has a history of losing as much as 44 percent of the amount it gained over the preceding three years amid a challenging economic climate. It said if this were to happen again, the peso could slide to as low as 47.10 to the dollar this year and lose part of its gains in the period from 2005 to 2007.


It feels good, somehow, to be validated by experts.

Let us wait and see.


I watched the news last night over ABS-CBN, and GMA7; it seems that our transport groups are getting matured. They know strikes are not the answer to the skyrocketing oil prices - but negotiation, and negotiation how we can all survive this crisis.