Thursday, April 14, 2005

Peso dips to 54.42:$

The peso on Thursday weakened against the US dollar, closing 54.42 from Wednesday's 54.10 finish.

The currency opened 54.05 and greenback was traded between P54.43 and P54.05. It averaged at 54.252 on volume worth $402.5 million.

The peso failed to sustain its gains against the dollar as the two houses of Congress prepared to find middle ground in their respective proposals to raise taxes and help cut the budget deficit.

The Senate passed a much awaited bill on Wednesday that left the value-added tax (VAT) rate at 10 percent and removed exemptions on several sectors such as power and fuel.

The VAT measure is still weeks away from becoming law as a joint committee will now create a new bill by merging the versions from the Senate and the House of Representatives. That bill would have to be approved by both chambers.

The Phisix, meanwhile, was down 1.52 percent, closing at its lowest in about three months. (

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