26 CROSS RATES OF THE PESO                                 
  in pesos per unit of foreign currency                                  
  period averages                                    
                                         
                                         
            US   Japanese EURO   Pound Canadian    Swiss Brunei Australian     Hongkong      N T  S. Korean  Singapore     Malaysian Thai    Indonesian Saudi    
        Period  Dollar       Yen Dollar   Sterling Dollar   Franc Dollar Dollar    Dollar      Dollar   Won  Dollar       Ringgit Baht     Rupiah Rial S.D.R.  
                                         
   
  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  
   
  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 Ave 43.6414 0.4150 65.5129 83.7471 42.2337 40.9753 31.0931 38.7309 5.5999 1.3989 0.0421 31.2044 13.2864 1.3310 0.0047 11.6375 69.6488  
   
  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                                    
    December                                    
                                         
                                         
      n.a. - not available                                    
    Source:   Reference Exchange Rate Bulletin, Treasury Department, Bangko Sentral ng Pilipinas