Philippine Peso Continues Freefall

CURRENCY SPOTLIGHT

MANILA--The Philippine peso continued to freefall last week following allegations surrounding president Joseph Estrada. The opposition started impeachment proceedings after a provincial governor accused the president of receiving money from gambling syndicates.

The peso was trading at 48.7 to the dollar at the close of London trading on Friday.

The peso had started the year at 39.9 to the dollar.

The central bank rescued the peso from last Monday’s low of 48.95 by selling between $60 and $80 m