Philippine Peso


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Philippine Peso

The currency of the Philippines. While its origins date to 1852, the modern peso came into being following the independence of the Philippines in the 1940s. It was originally pegged to silver and gold, but overprinting and hoarding of currency caused it to become a floating currency in 1964. Since independence, the government of the Philippines has consistently devalued the peso in order to reduce the nation's debt in domestic terms. This has made it a weak currency.
References in periodicals archive ?
For the second quarter and balance of 2008, PeopleSupport has assumed the Philippine Peso rate of approximately 42 pesos to the U.
6% in the year-ago quarter, due primarily to the appreciation of the Philippine Peso relative to the U.
Consistent with our previous guidance for the fourth quarter, we expect a seasonal decrease in revenues and operating margins in the fourth quarter due to our exposure to the travel and technology industries, which typically experience reduced demand in that period, as well as a stronger Philippine Peso foreign exchange rate.
The average Philippine Peso appreciated to an average of 46.
OFWs had been complaining that since the depreciation of the US dollar in relation to the Philippine peso last year overseas workers face diminishing earnings - a large part of which they remit back home to their families in the Philippines.
The Philippine peso persisted to plunge Tuesday, averaging an all-time low of 49.
Universal Re is the largest reinsurer in the Philippines by assets, at Philippine peso 1.
The filing said : 'The recent BSP resolution amends the terms and conditions of the bank's previous approval and provides Metrobank the flexibility to issue the notes in either US dollar or Philippine peso, or a combination of both'.
The Philippine peso plunged to an all-time low Friday, falling steeply to an average 51.
Malayan Insurance is the largest general insurer in Philippines by assets, at Philippine peso (PHP) 6.
The Philippine peso plunged to a new low Monday as the political backlash from a bribery scandal involving President Joseph Estrada continued to hound the market.
Higher fuel oil prices and the weakened value of the Philippine peso mainly impacted EAPRC results.

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