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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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Dec 3 4:00 PM EST

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From: TobagoJack	12/19/2006 11:40:48 PM
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Manila Mulls Currency Rules online.wsj.com By MICHELINE R. MILLAR and CECILIA YAP December 20, 2006 MANILA, Philippines -- Facing heavy capital inflows which have sent the peso soaring in the past six months, the Philippine central bank said it will discuss possible changes to currency-trading rules tomorrow. However, in the wake of controls imposed on capital inflows by the Bank of Thailand Monday, Philippine Central Bank Gov. Amando Tetangco moved to assure investors that "a liberal and market-oriented policy stance on capital flows remains appropriate" for the Philippines. Foreign-exchange inflows are an important driver of economic growth, and "we shall ensure the consistency of our policy with this principle," Mr. Tetangco said. Earlier yesterday, the central bank said that its policy-setting Monetary Board plans to discuss possible changes to rules governing banks' proprietary foreign-exchange trades. The central bank is believed to be considering allowing banks to double their long foreign-currency positions, mainly in the dollar, to $10 million and reviving the limit on short positions to $20 million. Banks currently aren't allowed to hold long foreign-exchange positions exceeding 2.5% of their unimpaired capital or $5 million, whichever is lower. The limit for long dollar positions was reduced to $5 million in 2003 when the peso was depreciating sharply, but exporters want that raised as the peso has strengthened against the dollar.

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