Philippine Peso-Dollar Forward Rates
	Spot and Swap Premium
		22-May-12			19-May-12			18-May-12			17-May-12			16-May-12
		BID	OFFER		BID	OFFER		BID	OFFER		BID	OFFER		BID	OFFER
	USD/PHP	43.105	43.135					43.128	43.158		42.903	42.933		42.838	42.868
	Swap premium - onshore
	1 MONTH	0.046	0.086					0.046	0.087		0.041	0.081		0.040	0.080
	2 MONTHS	0.266	0.284					0.266	0.285		0.261	0.279		0.260	0.278
	3 MONTHS	0.486	0.587					0.486	0.588		0.481	0.582		0.480	0.581
	6 MONTHS	1.482	1.506					1.482	1.507		1.477	1.501		1.476	1.500
	1 YEAR	3.480	3.761					3.480	3.761		3.475	3.756		3.474	3.755
	Source : Reuters
	Forward exchange rate can be derived from the addition of spot rate and swap premium
	Note: Peso-Dollar rate are AM (morning) spot rates