THE peso yesterday closed at its intra day low of P43.72 per dollar, from P43.75, following an uptrend in most of the region’s currencies as crude oil prices come off their peaks.

This development is prompting investors to take profit from the dollar’s steep appreciation the previous day, currency traders in Manila said.

The local currency opened at P43.62 and traded as high as P43.55. Total trade volume reached $700.5 million, from $595.5 million Tuesday.

“It’s more of following the regional trend...The rest of the region appreciated. The real pressure on the peso is the higher cost of importation, particularly on oil,” a treasurer of a commercial bank said.

Most Asian currencies rose yesterday after oil prices fell to $128.18 per barrel on Wednesday from $133 on Tuesday.

Another commercial-bank trader said currency investors took profit from the dollar’s sharp rise on Tuesday when the peso fell to its lowest level since early November.

“Now there’s pressure on the dollar versus the peso. But inflation is still being checked. There is still no clear appreciating trend for the peso,” the trader added. 

THE government has abandoned its bid to a balanced budget and instead will allow its financial plans to run a deficit of up P75 billion, or about 1 percent of the gross domestic product.

WHEN liquidity problems struck the preneed industry in 2005, 49-year-old office personnel Diosdada Marquez was worried that her insurance provider might not be able to pay its obligations to her retirement policy that would mature that year.

NEWLY established Sterling Bank of Asia Inc. expects to be fully operational by 2012, and plans to buy a “problem-free” commercial bank within four years from now, president Lamberto Villena said Wednesday.

Senate Minority Leader Aquilino Pimentel Jr. is pushing for a partial tax exemption for electric cooperatives, but only those servicing missionary rural areas.

Lawmakers sidestepped lengthy bicameral talks on differing provisions of the income-tax reform bill after House members agreed to just adopt the Senate version of the measure increasing allowable exemption claims for individual and corporate tax filers.

DAVAO CITY—The move to rescue the ailing rural banks is necessary and important, as these banks are directly serving the countryside.

THE peso yesterday closed at its intra day low of P43.72 per dollar, from P43.75, following an uptrend in most of the region’s currencies as crude oil prices come off their peaks.