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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Philippine officials concerned over strong currency AFP - Friday, October 1 Send IM Story Print Philippine officials concerned over strong currency Slideshow: Full Photo Coverage: Business & Economy MANILA (AFP) - – Senior Philippine officials on Thursday expressed concern over the rise of the local currency, warning that the government had limited resources to help exporters deal with the problem. Trade Secretary Gregory Domingo said the best Manila could do is to provide exporters with more training and help in finding more markets if the peso strengthens beyond 43 to the US dollar-level. "I guess the government will try to help out but we have a very limited budget," he told reporters. The peso traded at 43.88 to the dollar on Thursday afternoon, just off its year high of 43.54 on September 21. It is well off its lowest for the year, which was 47.13 seen on June 6. Domingo said the country's big electronics companies, which produce about half of the Philippines' exports, were not badly hurt by the strong peso because their raw materials were largely imported. But small and medium exporters such as handicraft industries, which use local materials, were feeling the pinch, he said. Government figures show that exports in the first seven months of the year rose 37.4 percent from a year earlier to 28.225 billion dollars. President Benigno Aquino's spokesman Ricky Carandang said the rising peso was partly due to the weakening of the US dollar around the world. He said exporters could live with the peso between 43 and 44 to the dollar, adding that monetary authorities would take action if the local currency rises too quickly. "As long as (the peso) is in the same range with regional currencies, there is not much of a problem for us. There shouldn't be any erosion in our competitiveness," Carandang said. Recommend Send IM Story Print Related Articles Teva version of Amgen drug delayed by US FDA Reuters - 23 minutes ago IMF says sold 594,000 ounces gold in August Reuters - 27 minutes ago India Sterlite seeks time to appeal smelter closure Reuters - 32 minutes ago Panasonic, Whirlpool unit to plead on price-fixing Reuters - 37 minutes ago US-BUSINESS Summary Reuters - 37 minutes ago News Search Top Stories US economic growth slows to 1.7 percent Debt throws eurozone back towards dangerous waters Ireland reveals full horror of banking crisis US insurer AIG agrees deal to repay taxpayer bailout Camel-crazy UAE using cutting-edge breeding technology More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended ADHD down to genes not poor parenting, says study Al-Qaeda plot to attack European cities uncovered Lost letters add a twist to DNA breakthrough Virgin to launch space tourism in 18 months Ireland reveals full horror of banking crisis More Most Viewed » US state executes first woman in nearly 100 years 'Time bomb' superbug requires global response: doctor Workers swarm Europe's streets in anti-cuts protests More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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