PHP trading volumes surge in "fiscal crisis"

Average daily trading volumes hit $225 million last week – up from less than $1 million in previous weeks, as corporates, banks and private investors rushed to buy dollars for hedging, said local traders.

"The statements released by the president on the financial crisis issue rocked the spot," said Howard Son, senior treasury manager of Asia United Bank in Manila.

The peso had weakened past the psychologically important 56 per dollar level following President Gloria Macapagal-Arroya's refere