Attack from within: Philippine banks blamed for peso's tumble

Article Abstract:

The Sep 27, 1993 drop of the Philippine peso has been blamed on the large commercial banks of Manila, but other factors also had some influence. Spokesmen for the Senate and the central bank accused the banks of taking quick currency gains and threatening the economy as a result. The value of the peso fell 6% to a rate of 30 to one US dollar until the central bank was able to restore it to a rate of 28.7 to the dollar. Government policies were also influential factors in the drop, besides the effect of rumors.

Management, Economic aspects, Prices and rates, Peso (Philippines)

---

Opening doors

Article Abstract:

The Philippine banking industry has undergone a dramatic transformation in recent years as deregulation has introduced new competition, foreign banks and improved services. The government modified a law in 1995 that allowed ten new foreign banks to operate in the country, the first to do so since the end of World War II. The number of commercial banks operating in the Philippines has increased from 24 in 1991 to 42 to date in 1996.

Commercial Banks, Commercial Banking, International trade, Economic policy, Deregulation

---

Similar abstracts:

• Abstracts: Waiting for reforms. Foster the links. Cuts and kicks
• Abstracts: Beer brawl: San Miguel, Asia Brewery duel in Philippine legislature. Big fish, small net
• Abstracts: Crude tactics. Waiting for an opportunity. Life in the fast lane
• Abstracts: Picking up steam. A line on the future. All aboard
• Abstracts: Tournament of shadows: opposition sceptical over latest efforts to end Tajik war. The Tajik time bomb

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.