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                    [ArticleID] => 98503
                    [Title] => BSP takes drastic steps to stem freefall of peso
                    [Summary] => In a desperate attempt to stall the peso’s freefall against the dollar, the Bangko Sentral ng Pilipinas yesterday drastically raised its overnight rates by four percentage points and further increased the reserve requirements of commercial banks.


The BSP also expanded the coverage of the currency risk protection program (CRPP) to help companies needing dollars, particularly local oil firms hit by the double whammy of rising dollar-based oil prices and a depreciating peso.


                    [DatePublished] => 2000-10-13 00:00:00
                    [ColumnID] => 133272
                    [Focus] => 0
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                    [SectionName] => Business
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MARRIANE

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                    [ArticleID] => 98503
                    [Title] => BSP takes drastic steps to stem freefall of peso
                    [Summary] => In a desperate attempt to stall the peso’s freefall against the dollar, the Bangko Sentral ng Pilipinas yesterday drastically raised its overnight rates by four percentage points and further increased the reserve requirements of commercial banks.


The BSP also expanded the coverage of the currency risk protection program (CRPP) to help companies needing dollars, particularly local oil firms hit by the double whammy of rising dollar-based oil prices and a depreciating peso.


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abtest

BSP takes drastic steps to stem freefall of peso

October 13, 2000 - 12:00am

In a desperate attempt to stall the peso’s freefall against the dollar, the Bangko Sentral ng Pilipinas yesterday drastically raised its overnight rates by four percentage points and further increased the reserve...

Business