Peso gains strength after ‘revolt’
MANILA. FEB. 26 (AFP) — The Philippine peso strengthened and stock market trading perked up Wednesday after months of stagnation on the first day of President Corazon Aquino’s term in office.
The Central Bank, said the official exchange rate after trading today was P22.55 to the dollar compared to P24.10 before the start of a military-civilian revolt Saturday led to Ferdinand Marcos quitting the country Tuesday.
The black market rate had reached 29 to 1, sources said.
Traders said Class A shares of San Miguel Corporation, the country’s largest manufacturing firm, opened at P14 (62 cents), from the previous rate of P11.50, and the freezing level was P16.
Class B shares froze at P28 after opening at P20.25 from P20.
Ms. Aquino earlier in the day called for an end to a boycott of San Miguel, whose pro-Marcos chairman, Ms. Aquino’s first cousin Eduardo Cojuangco, has reportedly fled the country.
San Miguel stocks fell after Ms. Aquino urged a boycott of pro-Marcos firms and banks to protest Mr. Marcos’s rigging of the February 7 presidential poll.
