Peso closes slightly higher at P51.40 vs $1

The peso closed at P51.40 against the US dollar on Thursday, slightly higher than Wednesday’s P51.42 close as the government planned to decrease its commercial borrowings due to continued contraction of its budget deficit. The Philippine currency opened at P51.54 and the US dollar was dealing between P51.33 and P51.605. Volume ranged at $775.8 million. At midday trading, the greenback was traded between P51.48 and P51.605 with the weighted average of P51.549. Volume was at $341.3 million. Finance Secretary Margarito Teves said the government may lessen its commercial borrowings if it continues to narrow the budget deficit. However, Teves said it is not time to pronounce that the Philippine economy could hit its best fiscal performance. He said the budget deficit was P5.5 billion - lower than the standard value. The Philippine Stocks Exchange reported that Phisix, All shares, Financials, Industrial, and Property sub-indices advanced while Holding firms, Services and Mining & oil sub-indicators retreated. The main index was up 10.51 points or .5007 percent at 2, 109.7. The broader all shares advanced 4.77 points or .3687 percent at 1, 298.37. Financials increased 11.21 points or 1.7036 percent at 669.24. Industrial climbed at 9.60 points or .3162 percent at 3, 045.33. Holding firms was dipped .47 points or .0456 percent at 1, 030.72. Property index was up 6.55 points or .7663 percent at 861.29. Services index decreased 2.10 points or .2046 percent at 1, 024.23. Mining & oil was down 34.07 points or 1.1677. Advancers outnumbered decliners at 47 to 38 while 58 shares remain unchanged. First Philippine Holdings Corporation on Thursday retreated 0.50 peso at 42. The company was planning to mark 61,995 worth of shares on Friday. Meanwhile, Bangko Sentral ng Pilipinas governor Amando Tetangco said the bank left its benchmark overnight interest rates unchanged after share prices advanced in the month of February. He said that despite the effect of the value added tax rate, inflation of the monetary in February remained as the peso slowed its growth.-GMANews.TV