February 16, 2006
Philippine Peso rises on news of strong export growth

The Philippine Peso strengthened to a 3 ½ year high of 51.48 against the dollar, with the nation’s exports growing at a scorching rate. The currency also took cue from S&P having raised the country debt rating to stable after the government’s commitment to reduce the budget deficit.

Exports jumped 16.8% in December to $3.83 billion. Export is a major contributor to the $85 billion economy, accounting for nearly two-fifths of the total GDP. The government has pinned a lot of hopes on exports to spur GDP growth to 6.3% this year for the 5.1% last year.

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