26 CROSS RATES OF THE PESO                                 
  in pesos per unit of foreign currency                                
  period averages                                    
                                         
                                         
            US   Japanese     Pound Canadian    Swiss Brunei Australian     Hongkong      N T  S. Korean  Singapore     Malaysian Thai    Indonesian Saudi    
        Period  Dollar       Yen Euro   Sterling Dollar   Franc Dollar Dollar    Dollar      Dollar   Won  Dollar       Ringgit Baht     Rupiah Rial S.D.R.  
                                         
                                         
  1990   24.3105 0.1695   43.6224 20.8060 17.6835 13.4675 19.0141 3.1209 0.9148 0.0348 13.4767 8.9972 0.9547 0.0133 6.4929 33.1081  
  1991   27.4786 0.2044   48.6757 23.9564 19.2709 15.8649 21.3959 3.5366 1.0385 0.0382 15.9227 10.0013 1.0820 0.0142 7.3501 37.5644  
  1992   25.5125 0.2016   45.1015 21.1465 18.2085 15.6216 18.7665 3.2965 1.0247 0.0334 15.6665 10.0233 1.0088 0.0126 6.8192 35.9307  
  1993   27.1199 0.2453   40.7789 21.0228 18.3911 16.7555 18.4058 3.5062 1.0403 0.0342 16.8049 10.5518 1.0766 0.0130 7.2341 37.7832  
  1994   26.4172 0.2585   40.4311 19.3607 19.3351 17.2274 19.3013 3.4183 1.0109 0.0328 17.2862 10.0684 1.0542 0.0122 7.0622 37.7821  
  1995   25.7144 0.2752 n.a. 40.6134 18.7460 21.8090 18.0872 19.0605 3.3245 0.9812 0.0333 18.1477 10.2718 1.0339 0.0114 6.8729 39.0242  
  1996   26.2157 0.2412 n.a. 40.9377 19.2320 21.2312 18.5343 20.5214 3.3897 0.9641 0.0326 18.5983 10.4252 1.0354 0.0112 7.0074 38.0631  
  1997   29.4707 0.2434 n.a. 48.3390 21.2686 20.3514 19.7361 21.8056 3.8068 1.0263 0.0314 19.7974 10.5341 0.9684 0.0105 7.8597 40.5287  
  1998   40.8931 0.3136 n.a. 67.7738 27.5829 28.2765 24.4066 25.6919 5.2790 1.2235 0.0294 24.4744 10.4582 0.9981 0.0042 10.9020 55.4620  
  1999   39.0890 0.3454 41.7205 63.2712 26.3288 26.0685 23.0168 25.2128 5.0337 1.2146 0.0329 23.0852 10.2879 1.0340 0.0051 10.4229 53.4692  
  2000   44.1938 0.4101 40.7246 66.8438 29.7425 26.1717 25.5510 25.6075 5.6715 1.4175 0.0391 25.6243 11.6296 1.0997 0.0053 11.7838 58.2303  
  2001 Ave 50.9927 0.4204 45.6939 73.4748 32.9472 30.2608 28.4043 26.3777 6.5404 1.5123 0.0397 28.4775 13.4208 1.1472 0.0050 13.5995 64.9260  
  2002 Ave 51.6036 0.4129 48.8125 77.5915 32.8804 33.2722 28.7500 28.0522 6.6174 1.5101 0.0424 28.8364 13.6979 1.2006 0.0056 13.7621 67.9656  
  2003   54.2033 0.4684 61.3506 88.6387 39.3975 40.3415 31.0349 35.3419 6.9610 1.5800 0.0456 31.1237 14.2659 1.3070 0.0063 14.4542 75.9277  
  2004 Ave 56.0399 0.5184 69.6852 102.6979 43.1361 45.1489 33.0628 41.3911 7.1955 1.6820 0.0490 33.1644 14.7489 1.3932 0.0063 14.9438 82.9977  
  2005 Ave 55.0855 0.5015 68.6102 100.2974 45.4988 44.3124 33.0098 41.9921 7.0830 1.7161 0.0538 33.1090 14.5482 1.3697 0.0057 14.6891 81.3908  
  2006 Ave 51.3143 0.4414 64.4473 94.5112 45.2609 40.9739 32.2006 38.6356 6.6060 1.5793 0.0538 32.3020 13.9972 1.3542 0.0056 13.6836 75.5338  
                                         
    Jan 52.6171 0.4556 63.7042 92.8324 45.4383 41.1205 32.1017 39.3921 6.7862 1.6401 0.0534 32.1999 14.0198 1.3259 0.0056 14.0308 76.0902  
    Feb 51.8168 0.4393 61.9465 90.6459 45.1114 39.7511 31.7177 38.4545 6.6780 1.6059 0.0535 31.8151 13.9022 1.3181 0.0056 13.8175 74.4059  
    Mar 51.2189 0.4369 61.5913 89.4037 44.3360 39.2575 31.4971 37.2809 6.6012 1.5784 0.0526 31.5942 13.8282 1.3149 0.0056 13.6575 73.6932  
    Apr 51.3597 0.4392 63.0480 90.7294 44.8312 40.0147 31.9755 37.7473 6.6216 1.5896 0.0539 32.0753 14.0217 1.3509 0.0058 13.6943 74.4991  
    May 52.1273 0.4665 66.5628 97.4332 46.9769 42.7762 32.9744 39.8281 6.7228 1.6424 0.0554 33.0791 14.4436 1.3733 0.0058 13.9015 77.6044  
    Jun 53.1567 0.4639 67.3326 98.0421 47.7408 43.1639 33.3137 39.3115 6.8472 1.6393 0.0557 33.4184 14.5203 1.3861 0.0057 14.1739 78.6007  
    Jul 52.3976 0.4531 66.5248 96.5927 46.4947 42.4159 32.9870 39.3404 6.7410 1.6085 0.0552 33.0911 14.2894 1.3794 0.0057 13.9718 77.3919  
    Aug 51.3618 0.4434 65.7810 97.1914 45.8676 41.6952 32.4967 39.2047 6.6051 1.5672 0.0535 32.5999 13.9870 1.3656 0.0057 13.6956 76.3655  
    Sep 50.4012 0.4304 64.2297 95.1559 45.1774 40.5550 31.8406 38.1384 6.4776 1.5325 0.0528 31.9415 13.7408 1.3468 0.0055 13.4393 74.7056  
    Oct 50.0038 0.4215 63.1181 93.7642 44.3394 39.7028 31.5691 37.6067 6.4222 1.5076 0.0525 31.6691 13.5934 1.3393 0.0055 13.3369 73.6905  
    Nov 49.8434 0.4248 64.1818 95.2013 43.8773 40.3060 31.9282 38.4686 6.4048 1.5188 0.0533 32.0308 13.6844 1.3641 0.0055 13.2911 74.1655  
    Dec 49.4670 0.4222 65.3468 97.1423 42.9399 40.9277 32.0055 38.8537 6.3642 1.5220 0.0535 32.1094 13.9351 1.3859 0.0054 13.1932 75.1931  
                                         
  2007 Ave 46.1484 0.3919 63.1489 92.3479 43.0173 38.4496 30.5111 38.5971 5.9149 1.4047 0.0497 30.6124 13.4272 1.4331 0.0051 12.3179 70.5869  
                                         
    January 48.9143 0.4065 63.5771 95.8111 41.6321 39.3756 31.7179 38.3072 6.2725 1.4942 0.0523 31.8211 13.9459 1.3873 0.0054 13.0440 73.1269  
    February 48.3814 0.4015 63.2780 94.7725 41.3271 39.0305 31.4523 37.8359 6.1939 1.4677 0.0517 31.5548 13.8438 1.4295 0.0053 12.9020 72.3995  
    March 48.5172 0.4136 64.2540 94.4978 41.4933 39.8396 31.7192 38.4226 6.2098 1.4700 0.0515 31.8232 13.9001 1.4869 0.0053 12.9405 73.1279  
    April 47.8224 0.4023 64.6526 95.1116 42.1660 39.4585 31.4680 39.5728 6.1195 1.4431 0.0514 31.5719 13.9198 1.4759 0.0053 12.7526 72.6994  
    May 46.8141 0.3875 63.2659 92.8791 42.7499 38.3245 30.6438 38.5954 5.9870 1.4069 0.0505 30.7444 13.7642 1.4260 0.0053 12.4832 71.0755  
    June 46.1602 0.3765 61.9562 91.7086 43.3150 37.4446 29.9478 38.8230 5.9077 1.3996 0.0497 30.0453 13.4189 1.4291 0.0051 12.3088 69.7659  
    July 45.6251 0.3751 62.5667 92.7695 43.4067 37.7608 29.9866 39.5319 5.8353 1.3911 0.0497 30.0855 13.2708 1.4972 0.0050 12.1662 69.7175  
    August 46.0737 0.3936 62.7822 92.7444 43.5070 38.2991 30.1795 38.3617 5.8936 1.3984 0.0494 30.2786 13.2484 1.4677 0.0049 12.2848 70.4771  
    September 46.1315 0.4007 64.0563 93.1168 44.8363 38.8688 30.3986 38.8451 5.9266 1.3966 0.0496 30.4991 13.2751 1.4403 0.0049 12.3137 71.1562  
    October 44.3803 0.3830 63.0922 90.7106 45.3861 37.7837 30.1333 39.7530 5.7226 1.3627 0.0485 30.2360 13.1397 1.4079 0.0049 11.8696 69.1204  
    November 43.2176 0.3902 63.5045 89.5467 44.8010 38.5646 29.7776 38.6827 5.5563 1.3369 0.0471 29.8806 12.8856 1.3772 0.0047 11.5950 68.5765  
    December 41.7429 0.3721 60.8011 84.5059 41.5872 36.6449 28.7090 36.4336 5.3535 1.2890 0.0449 28.8081 12.5145 1.3720 0.0045 11.1548 65.7996  
  2008   44.4746 0.4320 65.1686 82.0696 41.7991 41.0514 31.3116 37.6375 5.7126 1.4105 0.0409 31.4224 13.3387 1.3403 0.0046 11.8607 70.1843  
                                         
    January 40.9381 0.3794 60.2229 80.6191 40.5200 37.1439 28.4982 36.0445 5.2452 1.2652 0.0435 28.5977 12.5225 1.3241 0.0044 10.9184 64.8243  
    February 40.6711 0.3793 59.9526 79.8763 40.6790 37.2736 28.7026 37.0259 5.2160 1.2834 0.0431 28.8042 12.6119 1.2462 0.0044 10.8481 64.4651  
    March 41.2524 0.4080 63.9347 82.6259 41.2956 40.6703 29.6983 38.1629 5.3011 1.3487 0.0423 29.8056 12.9528 1.3114 0.0045 11.0085 67.2461  
    April 41.8196 0.4078 65.9431 82.8476 41.2532 41.3067 30.5647 38.8830 5.3681 1.3780 0.0424 30.6768 13.2289 1.3254 0.0046 11.1505 68.4797  
    May 42.9020 0.4116 66.7637 84.3039 42.9183 41.0905 31.3090 40.7345 5.5010 1.4028 0.0414 31.4236 13.3520 1.3383 0.0046 11.4395 69.6832  
    June 44.2806 0.4142 68.8648 87.0966 43.6120 42.6721 32.2597 42.0844 5.6717 1.4579 0.0430 32.3776 13.6069 1.3360 0.0048 11.8083 71.6635  
    July 44.9563 0.4211 70.8947 89.4501 44.3744 43.8001 32.9707 43.2706 5.7638 1.4795 0.0442 33.0921 13.8360 1.3428 0.0049 11.9911 73.3647  
    August 44.8769 0.4107 67.4100 85.1592 42.6804 41.5585 31.9105 39.8032 5.7480 1.4409 0.0431 32.0244 13.5226 1.3278 0.0049 11.9670 71.2902  
    September 46.6922 0.4376 67.2060 84.1501 44.1509 42.1640 32.5786 38.3280 5.9949 1.4622 0.0414 32.6927 13.5796 1.3622 0.0050 12.4482 72.6916  
    October 48.0252 0.4800 63.9365 81.3420 40.8528 42.0732 32.4392 32.9715 6.1897 1.4706 0.0364 32.5491 13.6507 1.3963 0.0049 12.7950 72.7796  
    November 49.1862 0.5074 62.6132 75.3922 40.4029 41.3617 32.5712 32.3399 6.3461 1.4872 0.0356 32.6794 13.7308 1.4037 0.0043 13.1308 72.9441  
    December 48.0942 0.5269 64.2812 71.9729 38.8501 41.5021 32.2367 32.0015 6.2054 1.4494 0.0347 32.3452 13.4694 1.3698 0.0043 12.8227 72.7798  
                                         
  2009 Ave 47.6372 0.5099 66.3788 74.5944 41.8951 43.9625 32.6818 37.6693 6.1458 1.4427 0.0376 32.7944 13.5294 1.3888 0.0046 12.7028 73.4364  
   
  January 47.2072 0.5228 62.6701 68.3791 38.5783 41.9307 31.5865 31.9690 6.0863 1.4155 0.0349 31.6926 13.2285 1.3530 0.0043 12.5869 71.3929  
  February 47.5846 0.5150 60.9572 68.6566 38.3061 40.9202 31.3044 30.9305 6.1374 1.3930 0.0333 31.4078 13.1165 1.3502 0.0040 12.6869 70.7671  
  March 48.4580 0.4964 63.2114 68.7991 38.3577 41.9488 31.5838 32.1378 6.2502 1.4104 0.0333 31.6871 13.1809 1.3543 0.0041 12.9211 71.8188  
  April 48.2165 0.4884 63.5988 70.8814 39.2999 42.0289 31.9619 34.4199 6.2217 1.4309 0.0361 32.0682 13.3563 1.3613 0.0044 12.8574 71.9225  
  May 47.5242 0.4924 64.8667 73.2826 41.2267 42.9126 32.4100 36.2725 6.1318 1.4459 0.0379 32.5209 13.4932 1.3723 0.0046 12.6732 72.2011  
  June 47.9053 0.4962 67.1473 78.3786 42.6001 44.3482 32.8833 38.3961 6.1811 1.4619 0.0381 32.9966 13.6332 1.4038 0.0047 12.7747 74.0069  
  July 48.1460 0.5096 67.7776 78.8394 42.7801 44.6167 33.1105 38.6618 6.2127 1.4642 0.0382 33.2248 13.5836 1.4148 0.0048 12.8389 74.7206  
  August 48.1607 0.5068 68.6511 79.7093 44.2948 45.0516 33.2936 40.1519 6.2141 1.4663 0.0389 33.4091 13.7005 1.4163 0.0048 12.8434 75.0768  
  September 48.1394 0.5262 70.0747 78.6075 44.4555 46.2807 33.7018 41.4127 6.2116 1.4777 0.0396 33.8202 13.7812 1.4234 0.0049 12.8368 75.9224  
  October 46.8513 0.5189 69.3940 75.7799 44.4608 45.8379 33.3958 42.4340 6.0456 1.4524 0.0400 33.5153 13.7660 1.4031 0.0049 12.4939 74.4782  
  November 47.0324 0.5261 70.1715 78.2038 44.4452 46.4707 33.7543 43.2589 6.0690 1.4548 0.0405 33.8758 13.8798 1.4140 0.0050 12.5420 75.2082  
  December 46.4211 0.5202 68.0249 75.6159 43.9356 45.2026 33.1956 41.9865 5.9884 1.4392 0.0400 33.3148 13.6326 1.3989 0.0049 12.3779 73.7210  
   
  2010 Ave 45.8469 0.5051 60.5961 70.0249 44.2646 42.5239 32.7774 40.8069 5.8991 1.4365 0.0395 32.8950 13.9319 1.4073 0.0050 12.2262 69.4211  
                                         
    January 46.0276 0.5046 65.7983 74.4366 44.1656 44.5854 32.8582 42.0623 5.9303 1.4447 0.0405 32.9759 13.6407 1.3939 0.0050 12.2761 72.0483  
    February 46.3116 0.5135 63.4411 72.5576 43.8398 43.2552 32.6971 41.0011 5.9624 1.4446 0.0401 32.8129 13.5616 1.3978 0.0050 12.3502 71.2738  
    March 45.7425 0.5056 62.1239 68.9069 44.6427 42.8848 32.5793 41.6759 5.8940 1.4364 0.0402 32.6957 13.7490 1.4064 0.0050 12.1981 69.9010  
    April 44.6266 0.4776 59.9336 68.4958 44.4378 41.7933 32.2066 41.3243 5.7490 1.4186 0.0400 32.3232 13.9338 1.3832 0.0049 11.9003 67.7325  
    May 45.5971 0.4966 57.1482 66.8279 43.8025 40.2645 32.5861 39.5683 5.8557 1.4315 0.0391 32.7030 14.0157 1.4084 0.0050 12.1591 67.4515  
    June 46.3027 0.5089 56.5910 68.2180 44.6243 40.9523 33.0100 39.5009 5.9455 1.4378 0.0382 33.1281 14.1754 1.4275 0.0051 12.3475 67.9791  
    July 46.3203 0.5286 59.1364 70.7318 44.3394 43.9318 33.5045 40.5152 5.9565 1.4419 0.0384 33.6261 14.4469 1.4339 0.0051 12.3522 69.5618  
    August                                    
    September                                    
    October                                    
    November                                    
    December                                    
                                         
                                         
      n.a. - not available                                    
    Source:   Reference Exchange Rate Bulletin, Treasury Department, Bangko Sentral ng Pilipinas