Malacanang likened Thursday the peso to the average Filipino: resilient, optimistic and forward looking that it has been able to weather destabilization moves by foes of the Arroyo administration from the Left, Right and the political opposition.
Presidential Spokesperson Ignacio Bunye came up with this simile to describe the continuing surge of the peso against the US dollar despite the political crisis churned up by anti-Arroyo forces.
While the peso sagged a bit in the wake of last Friday’s rumble that marred the 20th anniversary of EDSA 1 People Power Revolution, it rebounded on Monday, the first trading day after the Friday that was.
On Wednesday, the peso hit P51.38-$1, the highest surge in three and a half years. Bunye has time and again said that Filipinos are sick and tired of destabilization moves, that they are no longer shaken by coup rumors and would rather focus on improving their lives.
"The peso, like the average Filipino, has surmounted destabilization moves and continues to maintain a positive outlook," he said.
Economists and market analysts said that after its value against the US currency dropped a bit following the President’s declaration of a state of national emergency last week, the peso has bounced back stronger.
People in the know are simply ignoring the current self-defeating political wrestling.The discovery of the coup plot against the President last Friday pulled the peso down to 52.30 to $1.
But as the political noise continues to dissipate, market analysts said the peso would further strengthen and may even hit the P50-$1 level.
The Bangko Sentral ng Pilipinas (BSP) has attributed the strengthening of the peso to continuing foreign exchange inflows and the bullish regional currency market.
In Thursday trading, the peso hit a 31/2-year high at P51.25-$1 before settling down to an average of P51.28-$1 at midday.
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