THE peso on Thursday extended its plunge to P45.50 per dollar from the previous day’s close of P45.20, as local equities plunged and investors took refuge on higher assets to lessen risks after crude oil reached a new record above $144 a barrel.

“There was risk aversion and negative market sentiment. The stock market went down, and so did the Dow Jones index,” said treasurer Rafel Algara Jr. of Security Bank.

“Investors are staying on higher assets. They preferred dollars,” he said.            

Stocks fell 2.3 percent on Thursday on inflation fears brought about by soaring oil prices. This forced investors to drop equities.

It is likely that the budget deficit in the first half would prove better than target, the Department of Finance said on Thursday.

BOC to reach ’08 revenue target

WITH a higher collection-efficiency rate, the Bureau of Customs (BOC) said it will likely achieve its target collection for the year as its district collectors are exceeding revenue targets.

Bond yields to go up in Q3–First Metro, UA&P

PHILIPPINE Treasury bond yields are expected to remain “relatively steady” but with “an upward bias” during the third quarter of 2008 as double-digit inflation impacts on the market, according to First Metro Investments Corp. and the University of Asia and the Pacific (UA&P) in their research report on the capital markets.

Peso retreats to P45.50:$1

THE peso on Thursday extended its plunge to P45.50 per dollar from the previous day’s close of P45.20, as local equities plunged and investors took refuge on higher assets to lessen risks after crude oil reached a new record above $144 a barrel.