25  PESOS PER US DOLLAR RATE *                      
   1996-2008                              
                                 
   
      Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008  
                                 
   
      Monthly Averages  
   
  January 26.2116 26.3173 42.6610 38.4043 40.4266 50.9693 51.4097 53.5635 55.5261 55.7662 52.6171 48.9143 40.9381  
  February 26.1588 26.3411 40.4143 38.7799 40.5717 48.2897 51.2817 54.0748 56.0696 54.8128 51.8168 48.3814 40.6711  
  March 26.1957 26.3319 39.0040 38.9108 40.9381 48.4673 51.0661 54.5909 56.3029 54.4402 51.2189 48.5172 41.2524  
  April 26.1897 26.3642 38.4422 38.2417 41.1884 50.1854 50.9872 52.8068 55.9039 54.4918 51.3597 47.8224 41.8196  
  May 26.1759 26.3721 39.2971 37.8385 41.8063 50.5389 49.8383 52.5072 55.8453 54.3411 52.1273 46.8141 42.9020  
  June 26.1944 26.3761 40.3991 37.8993 42.6489 51.4881 50.4065 53.3992 55.9848 55.1790 53.1567 46.1602 44.2806  
  July 26.1995 27.6679 41.7805 38.2798 44.3557 53.2242 50.5963 53.7138 55.9527 56.0062 52.3976 45.6251 44.9563  
  August 26.1994 29.3305 43.0375 39.2610 44.8977 51.9877 51.7931 54.9914 55.8342 55.9523 51.3618 46.0737 44.8769  
  September 26.2356 32.3945 43.7759 40.1738 45.7367 51.2499 52.1292 55.0235 56.2132 56.1562 50.4012 46.1315 46.6922  
  October 26.2693 34.4639 42.8882 40.3150 48.1061 51.7333 52.9070 54.9520 56.3414 55.7077 50.0038 44.3803 48.0252  
  November 26.2658 34.5178 39.9435 40.3409 49.7537 51.9899 53.3082 55.3718 56.3221 54.5606 49.8434 43.2176  
  December 26.2925 37.1706 39.0733 40.6232 49.8962 51.7889 53.5195 55.4451 56.1828 53.6118 49.4670 41.7429  
   
      Average   26.2157 29.4707 40.8931 39.0890 44.1938 50.9927 51.6036 54.2033 56.0399 55.0855 51.3143 46.1484 43.6414  
      % Appreciation(+) / Depreciation(-)   -1.91 -11.04 -27.93 4.62 -11.55 -13.33 -1.18 -4.80 -3.28 1.73 7.35 11.19 7.43  
  Volatility 1 0.0413 3.9235 1.9585 1.0140 3.3627 1.5740 1.1291 0.9833 0.2801 0.8396 1.1536 2.0991 2.4718  
   
      End-of-Period  
   
  January 26.1850 26.3440 42.4100 38.7170 40.3900 49.4120 51.2010 53.7990 56.0850 55.1120 52.3360 49.0270 40.6500  
  February 26.1770 26.3330 40.3640 39.0980 40.8450 48.2630 51.3540 54.3450 56.2750 54.7170 52.0880 48.2870 40.3600  
  March 26.1970 26.3670 37.0810 38.7660 41.0630 49.3780 51.1480 53.5320 56.3570 54.7930 51.2840 48.2620 41.8680  
  April 26.1730 26.3690 39.9790 38.0180 41.2780 51.2180 50.7440 52.8170 55.8580 54.3540 51.8260 47.5100 42.1920  
  May 26.2220 26.3740 38.8980 38.0950 42.8290 50.5840 49.9660 53.2820 55.8370 54.3670 52.6540 46.2690 43.8820  
  June 26.2030 26.3840 42.0910 38.0190 43.1540 52.3660 50.4180 53.7060 56.1810 55.9190 53.5870 46.3290 44.7560  
  July 26.2280 28.9680 42.0160 38.2450 44.9410 53.5620 51.2870 54.6890 56.0090 56.1050 51.6240 45.6110 44.1400  
  August 26.2020 30.1650 43.8740 39.6710 45.0770 51.2100 51.8090 55.1130 56.2160 56.1600 50.9370 46.6950 45.6850  
  September 26.2570 33.8730 43.8090 41.1120 46.2830 51.3550 52.4470 54.9420 56.3360 56.0550 50.3870 45.0630 46.9170  
  October 26.2850 34.9380 40.8310 40.1580 51.4270 51.9350 53.0170 55.2450 56.3510 55.0600 49.8050 43.9470 48.7460  
  November 26.2870 34.6550 39.4620 40.7870 49.3930 52.0240 53.5890 55.7670 56.2310 53.9990 49.7630 42.7980  
  December 26.2880 39.9750 39.0590 40.3130 49.9980 51.4040 53.0960 55.5690 56.2670 53.0670 49.1320 41.4010  
                                 
   
    *     Weighted average rate under the  Philippine Dealing System  (PDS)  starting   August  4, 1992  
   1    Annual Cummulative Volatility