Philippine peso gains ground vs dollar after Estrada verdict |
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Wed, 12 Sep 2007 03:18
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MANILA (Thomson Financial) - The Philippine peso gained some ground against the US dollar in early deals Wednesday, holding its own in the face of an unfolding political drama as the anti-graft court handed down a guilty verdict in former president Joseph Estrada's corruption trial.The peso opened at 47.00 pesos to the US dollar, higher than Tuesday's closing of 47.12 pesos. The local currency is currently trading at 46.89.'There is volatility right now, but the verdict doesn't seem to have much impact,' said Thio Chin Loo, currency strategist at BNP Paribas.'I think that despite the tension, security measures are in place and the strong fundamentals attached to the peso such as strong inflows and well-balanced economic growth are supportive of the Philippine peso. There is not much to worry about right now,' said Loo.The Philippine military had been on high alert since Tuesday, a day before the verdict was handed down, saying pro-Estrada forces may become unruly if the former movie star-turned-president is found guilty on charges of corruption.Despite his ouster through a military-backed popular revolt in 2001, Estrada still enjoys the support of many poor Filipinos, while his successor Gloria Arroyo suffers from low popularity ratings.(1 US dollar= 46.89 pesos)rocel.felix@thomson.comrf /cl-rf/clCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Former Philippine leader gets life for corruption 