Manila: The Philippine peso rose to a 19-month high on speculation overseas investors will increase purchases of the nation's assets as the recovery in the global economy gathers pace.
The currency advanced the most in a week against the dollar after funds based abroad bought more Philippine shares than they sold in the last seven trading days including on Monday. US employers took on 162,000 extra workers last month, the biggest hiring increase in three years, the Labour Department reported on April 2. Bonds gained after government revenue exceeded target in March.
"The good employment numbers in the US give strength to the argument that the world economy is on its way to recovery," said Antonio Espedido, treasurer at China Banking Corp. in Manila.
"People will be bolder in shifting to riskier assets including the Philippines." The peso appreciated 0.4 per cent to 45.012 (Dh3.67) per dollar as of the 4pm close in Manila, the highest level since August 14, 2008, according to inter-dealer broker Tullett Prebon. The currency is up 0.4 per cent so far this month after climbing 2 per cent in March.
