Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Philippine Peso Jumps Most in Six Months After Exports Surge

April 10 (Bloomberg) -- The Philippine peso had its sharpest gain in more than six months as a report showed exports increased the most since 2010.

Overseas shipments in February rose 24.4 percent from a year earlier, the government reported today, compared with a revised 9.2 percent increase in January and the 16.6 percent gain forecast in a Bloomberg survey. Overseas investors have pumped $100 million into local stocks this month, taking inflows this year to $494 million, according to exchange data.

The peso advanced 1 percent, the most since Sept. 19, to 44.30 per dollar at the close in Manila, according to Tullett Prebon Plc. It touched 44.287 earlier, the strongest level since Jan. 3. The currency has rallied 2.3 percent since touching a six-week low on March 21 and is now up 0.2 percent this year.

“The export numbers came up much better than expected,” said Saktiandi Supaat, the Singapore-based head of currency research at Malayan Banking Bhd. “The Philippines is seeing inflows because of its good economic prospects, as well as policies.”

The government plans to increase spending as officials bolster efforts to boost economic growth to as much as 8.5 percent by 2016, Budget Secretary Butch Abad said in an interview in Manila on April 4. The Philippine economy grew 7.2 percent last year.

One-month implied volatility, a measure of expected moves in the exchange rate used to price options, increased seven basis points to 4.99 percent.

The yield on the 8 percent notes due July 2031 slipped two basis points, or 0.02 percentage point, to 4.86 percent, according to prices from Tradition Financial Services.

To contact the reporter on this story: Lilian Karunungan in Singapore at lkarunungan@bloomberg.net

To contact the editors responsible for this story: James Regan at jregan19@bloomberg.net Andrew Janes, Amit Prakash

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.