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MANILA, APRIL 21, 2007 (STAR) By Des Ferriols - The peso stayed
yesterday at six-year highs against the dollar as monetary officials
said they are taking moves to mop up liquidity while keeping key interest
rates steady.

At yesterday’s trading at the Philippine Dealing System (PDS), the
peso traded between 47.510 and 47.650 against the dollar. By the end of the
day, the peso closed at its intra-day high of 47.51 to the dollar with
total turnover hitting $689.50 million.

Dealers said the strength of the peso was due in part to the steady
surge of remittances from overseas Filipino workers (OFWs).

On the other hand, the market was also mildly relieved that it could
at least glean some direction from the moves of the BSP when it decided to
mop up liquidity to curb possible inflationary pressures from the rapid
growth in domestic money supply.

As a result, the impact of market reaction on the peso was muted
since the BSP kept its policy settings unchanged.

For his part, BSP Deputy Governor Diwa Guinigundo said the central
bank did not expect the Monetary Board (MB)’s decisions to have a
prolonged impact on the foreign exchange rate.

"There will be some initial reaction but it really shouldn’t affect
the exchange rate so much," Guinigundo said.

Over the horizon, however, the currency market was also looking at
the coming elections which normally creates some uncertainty in the market.
Only this time, dealers said the campaign process appeared to be
proceeding in an orderly fashion.

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Even with these economic breakthroughs the country is still facing
uncertainty due to the fact that it will be having its mid term elections.
Even though this election will not affect the President, Vice-president, and half
of the senators, it will still have an impact on the power balance
between the administration and opposition. If the balance is upset and
be favored to the administration, vigilance within the private sector
must be done but at the same time vigilance on the opposing group,
these people will certainly and always be crying foul on the election
results. It would be true that many wants President Arroyo to finish her
term completely there are still many out there, I'm pointing at the
opposition who wants her to be booted out as early as possible.

The current president has done so much for the country, but I would
admit some of the decisions done were for face saving, not just for
herself, but also the whole administration. The media as always have
been fueling much of these very bad decisions and they should be ashamed
of themselves. Today, media in the Philippines is either pure liars
or pure opportunists.

When will filipino's learn from their mistakes...


More Philippine Defense News

DND wants frigate with 'surface-to-air' missile power

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"Aside from this, our latest frigate will have heavier gun armament and other equipment that will make it very effective in patrolling and securing the country's waters," Galvez said in Filipino.
He declined to state the particular country the Philippines will acquire this ship but stressed that acquisition will be done through a government-to-government transaction.
The Philippines has taken on a new sense of urgency to upgrade its naval capabilities as tensions continue to rise around the West Philippine Sea (South China Sea). US President Barack Obama's announced "pivot" for America towards the Pacific has stirred greater naval activity on the p…

No reduction in AFP manpower size

THERE will be no reduction in the number of soldiers of the Armed Forces of the Philippines when it implements the streamlining of commands by 2013, a senior officer told the Manila Standard in an exclusive interview.
“Under the Force Structure Review, there will be streamlining of units but this does not mean reduction in terms of the number of soldiers. In fact, the FSR calls for more recruits in the future,” the source, who requested anonymity, said.
At present, the military has a total of 125,000 soldiers, of which almost 85,000 are in the Army and the rest in the Navy-Marines and Air Force.
The FSR calls for an in-depth study of the AFP history in reference to pertinent laws of the land in conjunction with the challenges of internal and external defense.
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Philippine Armored Vehicles with ad-hoc wood slat armor

While searching for Philippine armored vehicles for the updates being done for both the blog and the Facebook page I chanced upon images of Philippine Army and Marine armor assets covered with thick wood planks as slat armor for protection from rocket propelled grenades. This caught the eyes of Popular Mechanics who published an article last June 8th just for this subject.

According to the article,
Wood armor on armored vehicles won't save them from ISIS rockets. Not sure, I'll leave that to the actual reports from the Philippine Military in using wood as an ad hoc protection for rpg's, but yes this is only during emergencies. The Philippine Army and Philippine Marines should employ or use the real add-on armors currently in the market for armored vehicle protection. Or they could just simply buy new thicker-armored vehicles to be used for front-line operations and have the old vehicles to be used in secondary missions or as support vehicles.

Nonetheless the fast-thinkin…