12  PESOS PER US DOLLAR RATE 1                
   for periods indicated                    
                        
                       
      Period   2010 2011 2012 2013 2014 2015 2016 2017  
                       
                       
      Monthly Averages                    
                       
  January   46.0276 44.1722 43.6191 40.7295 44.9266 44.6044 47.5111 49.7363  
  February   46.3116 43.7031 42.6608 40.6723 44.8950 44.2214 47.6361 49.9614  
  March   45.7425 43.5160 42.8574 40.7127 44.7916 44.4457 46.7240 50.2752  
  April   44.6266 43.2402 42.6998 41.1422 44.6416 44.4136 46.2845 49.8626  
  May   45.5971 43.1307 42.8515 41.2976 43.9236 44.6106 46.8023 49.8603  
  June   46.3027 43.3657 42.7765 42.9069 43.8175 44.9831 46.4645 49.8501  
  July   46.3203 42.8088 41.9054 43.3559 43.4665 45.2649 47.0581 50.6382  
  August   45.1825 42.4209 42.0452 43.8639 43.7673 46.1420 46.6809 50.8747  
  September   44.3137 43.0256 41.7490 43.8318 44.0751 46.7504 47.4294    
  October   43.4449 43.4514 41.4521 43.1825 44.7979 46.3609 48.3482    
  November   43.4918 43.2745 41.1222 43.5546 44.9514 47.0067 49.1550    
  December   43.9548 43.6486 41.0067 44.1043 44.6878 47.2303 49.8156    
                       
       Average   45.1097 43.3131 42.2288 42.4462 44.3952 45.5028 47.4925 50.1324  
       % Appreciation(+) / Depreciation(-)   5.60 4.15 2.57 -0.51 -4.39 -2.43 -4.19 -5.27 r
  Volatility 2   1.1125 0.5243 0.8150 1.3701 0.5710 1.0807 1.1040    
                       
      End-of-Period                    
                       
  January   46.7430 44.0880 42.9460 40.6530 45.1550 44.1320 47.8230 49.8140  
  February   46.2580 43.8370 42.8640 40.7360 44.6560 44.0870 47.5600 50.2670  
  March   45.2200 43.4320 43.0000 40.9380 44.9960 44.7960 46.1080 50.1940  
  April   44.6440 43.0180 42.4360 41.1610 44.4630 44.2500 46.7730 49.6990  
  May   46.2120 43.2910 43.4510 42.3760 43.9270 44.6500 46.7750 49.8670  
  June   46.3100 43.4940 42.2830 43.3070 43.7800 45.2000 46.9600 50.4660  
  July   45.8130 42.2270 41.9070 43.4020 43.4210 45.6180 47.0850 50.5820  
  August   45.1790 42.5070 42.3150 44.6350 43.6480 46.7050 46.4670 51.1660  
  September   43.8960 43.6360 41.8800 43.3090 44.9660 46.9260 48.2570    
  October   43.1820 43.0280 41.2630 43.1790 44.8760 46.8900 48.5150    
  November   44.2550 43.8100 40.8830 43.7360 44.9160 47.0690 49.7770    
  December   43.8850 43.9280 41.1920 44.4140 44.6170 47.1660 49.8130    
                       
                       
  1   Weighted average rate under the Philippine Dealing System (PDS) starting  04 August 1992           
  2   Standard deviation of daily exchange rate