Peso falls to 45 a dollar
Manila Standard Today11-07-2014
THE peso closed at a sevenmonth low of 45 against the US dollar
on Thursday, as investors continued to seek the safety of the
greenback after the US Federal Reserve, decided to end its
The peso lost 0.1 percent of its value from Wednesday's closing
of44.97 against the dollar. It traded between 44.98 and 45.12,
before closing at 45 per dollar, the weakest since March 27 when it
settled at 45.04.
Global funds pulled a combined $4 billion in October from stocks
in India, Indonesia, the Philippines, South Korea, Taiwan and
Thailand, after the US Fed announced the end of its stimulus
Reports that a property bubble was forming also weighed on
sentiments. Record bids for two plots of land in Bonifacio Global
City lifted lot prices to a 17year high.
The 1,600 square meter (17,200 square foot) site in the former
military camp of Bonifacio fetched P732.8 million ($16.3 million)
and P800 million each at a government auction in September.
That was a record half-a-million pesos per square meter, about
80 percent higher than the previous government land sale in the
area, according to the local associate of Savills Plc.
The "Philippines is at risk for an asset bubble," said Antton
Nordberg, a property analyst at KMC MAG Group Inc., Savills's
associate in the country. "The price of the land is just too