Markets cheer peaceful conduct of polls
Peso breaks into 46:$1, stocks hit 10-year high
MANILA, Philippines — The peso Tuesday broke into the level of 46 to the dollar for the first time in six years as financial markets cheered the peaceful conduct of Monday’s midterm national elections, traders said.
Stocks surged to a fresh 10-year high, catching up with similar rallies in the region, with the key Philippine Stock Exchange index gaining 1.3 percent to 3,408.73, the highest since it reached a pre-Asian crisis level of 3,447.6 points on Feb. 3, 1997.
Waaahhh! My salary just got smaller again! Gone are the days when earning in dollars was something to aspire for!