Peso climbs after Aquino’s State of the Nation Address
After the speech of President Benigno Aquino III, his first State of the Nation Address (Sona) which according to some traders, somewhat heightened market confidence in the Philippine economy.
The peso was up by 17 centavos on Monday.
The local currency closed at 46.145 against the US dollar, adding 17 centavos from Friday’s close of 46.315.
Even the Volume of trade grew to exceed the $1-billion threshold and reach $1.147 billion. It only stood at $840.23 million last Friday.
"For the first time in a long time, we [Philippines] are back on the radar screen of investors. We should take advantage of that," Marcelo Ayes, senior vice president at Rizal Commercial Banking Corp., said in a phone interview.
He added it was expected that the first Sona of President Aquino would give positive impact on the movement of peso in the foreign exchange market.
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