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Buy more Philippine Pesos??? BSP eyes measures to curb peso climb By   Doris C. Dumlao ,  Michelle V. Remo Philippine Daily Inquirer The Bangko Sentral ng Pilipinas said 2013 could be a challenging year as far as preventing an even steeper appreciation of the peso was concerned, noting that a potential investment grade credit-rating for the country could drive more foreign portfolio investments. Admitting it was actively buying dollars from the market in 2012 to temper what could have been a sharper appreciation of the local currency, the BSP said it expected the need for more action to keep the peso as less volatile as possible next year. “Capital flows from a [potential] credit-rating upgrade will provide more challenge in terms of keeping the peso relatively stable and minimizing its volatility,” BSP Deputy Governor Diwa Guinigundo told reporters Friday. In 2012, the peso appreciated against the dollar by more than 6 percent partly on account of signific...

A news article from:  Doris C. Dumlao of  Philippine Daily Inquirer Stocks continue rally LOCAL stocks extended their gains for a fourth session Friday, bucking a regional downturn on the back of a positive credit-rating outlook by Standard & Poor’s and some yearend window-dressing. The main-share Philippine Stock Exchange index gained 26.2 points or 0.45 percent to close at 5,823.94. The index hit a high of 5,860.12 in intraday trade—very close to the all-time intraday peak of 5,866.83—but pared down gains instead of breaking into new highs. “Being the last day before Christmas, this is truly a Santa Claus rally. Now I look forward to the January effect,” said Gus Cosio, president of mutual fund management firm First Metro Asset Management Inc. The local market shrugged off regional concerns over a stalled budget deal that would have addressed the US’ fiscal cliff by year’s end. Without such a deal, a series of mandated tax increases and spending cuts cou...