Peso averaging P51.06:$ on midday trade

The US dollar traded between P51.01 and P51.10 during Wednesday’s midday trade, carrying a weighted average of P51.06. The Philippine peso opened at P51.05 against the greenback, firmer than Tuesday’s P51.14 close. Volume was at $340.57 million. As of 12:10 p.m., the Philippine Stock Exchange reported that share prices advanced. Phisix was up 6.92 points or .3263 percent at 2,127.91. The broader all shares increased 2.72 points or .2089 percent at 1,304.78. Financials was up .06 points or .009 percent at 668.31. Industrial was down 2.96 points or 0974 percent at 3,036.24. Holding firms climbed at .64 points or .0615 percent at 1,041.68. Property increased 8.25 points or .9511 percent at 875.71. Services index was up 7.03 points or .6834 percent at 1,035.67. Mining & oil advanced 16.03 points or .5422 percent at 2,972.66. Advancers outnumbered decliners at 46 to 32 while 57 shares unchanged. Philippine Long Distance Telecommunications Company retreated at P5.00 in 1,840 per share. Bank of the Philippine Islands ended P10.00 at 59.50 shares. SM Investments Corporation closed P10.00 at 227 shares. Filipino exporters have expressed “grave concern" over continuous appreciation of the peso. "We, the Filipino exporters, wish to express our grave concern over the abrupt rise in the value of the Philippine peso against the US dollar in the past weeks from P56 to $1 in the third quarter of 2005 to P51 to the dollar today," said Philexport president Sergio Ortiz-Luis. Exporters added that a further strengthening of the peso could be the last card to break fiscal problems in the country. However, this might become successful if the government will refrain from speculations. "There is really nothing we can do if the peso appreciation is due to free market forces. But to a certain degree, the government can help by [restraining its officials] from issuing statements, for example, about ideal foreign exchange levels," Ortiz-Luis added.-GMANews.TV