Tempering Our Expectation Of Peso Strength

While the two-year appreciatory trend in the Philippine peso is still intact, we prefer to take a neutral stance on the currency in the short term amid external headwinds in the form of crises in MENA and Japan. Beyond the short term, we believe that resistance at around PHP43.20/USS$ will be taken out, setting the stage for further peso strength towards our target of PHP42.00/US$ by end-2011.

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