THE peso on Friday fell to P44.34 against the dollar from P43.94 Thursday, helped by a global gain of the US currency and short covering in the local market.

The renewed interest in the greenback boosted the trade volume to $947.05 million.

“There was short covering so more dollars were sold…. Also, risk aversion is still global; we are still not over the hump,” Security Bank treasurer Rafael Algara said.

A currency trader from a commercial bank said that the peso is in for a range trading this week since local market fundamentals are still good and investors have already braced themselves for higher inflation.

“Fundamentals are still good. And as far as inflation is concerned, the market has already priced in on that. If there will be any surprise, it’s low inflation,” the trader said.

"The combination of a strong dollar and high inflation globally is always not good for emerging currencies, especially for those with high exports to developed countries," the trader added.

DBP to manage trust for BSP capital base

THE Development Bank of the Philippines (DBP) got the mandate to oversee the special purpose trust, or SPT, that will raise P40 billion to complete the capital base of the Bangko Sentral ng Pilipinas (BSP).

LandBank posts P2.56B in H1 net profit

LAND Bank of the Philippines posted a net income of P2.56 billion in the first semester of the year, up19 percent from the same period last year.

Peso falls as demand for US dollar grows

THE peso on Friday fell to P44.34 against the dollar from P43.94 Thursday, helped by a global gain of the US currency and short covering in the local market.

After the crunch, where now?

It is instructive to reflect on two of the primary causes of last year’s credit and liquidity crisis, because they provide pointers to two areas where significant medium- and long-term implications can be foreseen. The initial trigger for the crisis was a growing awareness of serious structural problems in the US subprime- mortgage lending sector.