Peso under pressure
MARKET NEWS
MANILA -- The Philippine peso remained under pressure last week as a wave of kidnappings in the south of the country continued.
The currency has been hit as local corporates dumped the peso to hold dollars, as the crisis showed no signs of abating.
"People don’t wish to be caught holding pesos in this environment," one dealer at a US bank in Manila told FX Week. "No one knows how this situation will be resolved and the market is worried."
Muslim rebels snatched several US and Filipino citizens from
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