28 EFFECTIVE EXCHANGE RATE INDICES OF THE PESO                            
  average for periods indicated                                      
  December 1980 = 100                                        
                                             
 N O M I N A L R  E  A  L  
Major Trading Partners 1 % growth rate          (y-o-y) Competing Countries Major Trading Partners 1 % growth rate          (y-o-y) Competing Countries  
 Broad 2 % growth rate          (y-o-y) Narrow 3 % growth rate          (y-o-y)  Broad 2 % growth rate          (y-o-y) Narrow 3 % growth rate          (y-o-y)
                                             
1995 24.70 37.43 55.21 79.19 102.20 146.36
1996 24.93 0.94 37.12 -0.82 55.63 0.76 86.28 8.95 106.57 4.28 156.47 6.91
1997 23.50 -5.76 36.40 -1.95 55.40 -0.41 83.53 -3.19 106.83 0.24 156.33 -0.09
1998 17.54 -25.36 40.37 10.92 81.09 46.38 67.21 -19.53 122.24 14.43 218.11 39.52
1999 18.25 4.05 37.01 -8.32 72.45 -10.66 76.68 14.08 117.73 -3.69 185.30 -15.04
2000 16.61 -8.97 32.33 -12.65 65.20 -10.00 71.92 -6.20 109.02 -7.40 169.40 -8.58
2001 14.72 -11.40 33.91 4.87 69.00 5.82 67.37 -6.33 114.40 4.94 180.97 6.83
2002 14.27 -3.02 30.88 -8.91 59.82 -13.30 66.50 -1.29 106.14 -7.22 160.53 -11.29
2003 12.44 -12.82 28.83 -6.66 52.17 -12.79 59.94 -9.87 99.84 -5.94 142.67 -11.12
2004 11.28 -9.32 27.94 -3.07 54.72 4.89 57.46 -4.15 100.78 0.94 146.14 2.43
2005 11.64 3.15 26.83 -4.00 48.60 -11.18 61.98 7.88 101.43 0.65 149.52 2.31
2006 12.91 10.89 28.17 4.99 55.52 14.23 69.99 12.92 109.01 7.47 153.85 2.89
Jan 12.74 28.13 55.99 67.88 107.09 153.57
Feb 13.05 28.25 55.92 70.07 107.89 153.49
Mar 13.16 28.43 55.97 70.78 109.00 153.67
Apr 13.02 27.91 54.68 69.79 106.30 148.13
May 12.52 27.36 53.87 67.13 104.73 148.90
Jun 12.38 27.39 54.36 66.92 106.77 152.28
Jul 12.57 27.54 54.29 68.84 108.22 152.87
Aug 12.78 28.07 55.16 70.13 110.82 156.62
Sep 13.08 28.62 56.29 71.25 111.72 157.78
Oct 13.26 28.90 56.86 72.51 111.56 157.45
Nov 13.18 28.72 56.55 72.40 112.04 156.32
Dec 13.16 28.66 56.33 72.12 112.00 155.07
  2007   14.01   8.57 31.78   12.82 66.09   19.04   76.21   8.89 119.69   9.80 166.27   8.08  
January 13.50 6.02 30.19 7.35 62.99 12.49 73.30 7.98 113.70 6.17 157.96 2.85
February 13.63 4.43 30.44 7.76 63.27 13.14 73.51 4.91 113.70 5.38 156.93 2.24
March 13.46 2.28 30.39 6.89 63.19 12.90 72.29 2.13 113.21 3.86 156.70 1.97
April 13.59 4.38 30.62 9.71 63.51 16.14 72.87 4.41 113.64 6.91 155.55 5.01
May 13.93 11.27 30.96 13.15 63.62 18.10 74.77 11.38 115.94 10.70 159.86 7.36
June 14.21 14.76 31.58 15.28 65.18 19.92 76.83 14.79 120.05 12.43 166.06 9.05
July 14.24 13.26 31.82 15.57 65.82 21.25 78.33 13.80 122.17 12.89 168.62 10.31
August 14.02 9.66 32.08 14.26 67.01 21.48 77.28 10.20 123.11 11.09 172.58 10.19
September 13.87 6.01 32.00 11.81 66.97 18.96 75.78 6.35 121.31 8.58 170.04 7.77
October 14.32 7.94 32.64 12.93 68.02 19.64 78.07 7.67 121.44 8.86 170.44 8.26
November 14.41 9.29 33.65 17.16 70.49 24.65 78.88 8.94 126.86 13.24 176.71 13.04
December 15.01 14.05 34.94 21.93 73.07 29.73 82.62 14.55 131.17 17.12 183.81 18.53
2008 13.79 -1.60 36.40 14.54 74.58 12.84 80.17 5.20 136.32 13.89 181.78 9.32
January 15.01 11.15 38.10 26.20 78.48 24.60 83.70 14.18 139.08 22.32 187.77 18.87
February 15.08 10.65 38.04 24.99 78.22 23.64 83.98 14.24 137.18 20.65 185.32 18.09
March 14.45 7.39 37.30 22.74 76.36 20.85 80.82 11.80 135.67 19.84 181.76 15.99
April 14.23 4.68 36.83 20.30 75.46 18.82 80.99 11.15 134.84 18.65 179.22 15.21
May 13.97 0.30 36.41 17.62 74.41 16.96 80.31 7.40 135.46 16.83 181.41 13.48
June 13.61 -4.17 35.42 12.17 72.68 11.49 79.67 3.70 134.71 12.21 180.03 8.41
July 13.35 -6.27 34.64 8.84 70.99 7.86 79.81 1.89 133.44 9.22 177.13 5.05
August 13.65 -2.62 35.03 9.20 71.40 6.55 82.12 6.26 136.39 10.79 180.60 4.65
September 13.25 -4.42 34.56 8.00 70.07 4.64 78.80 3.99 132.70 9.39 173.96 2.30
October 13.07 -8.69 35.44 8.57 71.20 4.67 77.68 -0.50 133.87 10.24 174.68 2.48
November 12.93 -10.26 37.23 10.65 77.49 9.94 77.45 -1.81 141.04 11.17 189.35 7.16
December 12.87 -14.24 37.76 8.06 78.20 7.02 76.72 -7.13 141.40 7.80 190.07 3.41
2009 12.83 -6.99 41.79 14.82 87.53 17.37 77.32 -3.55 146.46 7.44 188.17 3.52
January 13.11 -12.65 44.17 15.91 93.25 18.82 77.91 -6.91 152.32 9.52 197.58 5.22
February 13.24 -12.22 45.74 20.24 97.25 24.33 78.64 -6.36 157.46 14.78 204.99 10.62
March 13.04 -9.74 45.32 21.50 96.24 26.03 77.56 -4.03 156.05 15.02 202.76 11.56
April 13.07 -8.13 43.12 17.09 91.03 20.65 78.02 -3.68 148.52 10.14 190.75 6.43
May 13.02 -6.81 41.82 14.86 87.84 18.06 77.84 -3.07 146.08 7.84 189.68 4.56
June 12.78 -6.15 41.04 15.87 85.68 17.88 76.63 -3.81 145.59 8.08 187.47 4.13
July 12.64 -5.28 40.72 17.57 84.82 19.48 76.95 -3.59 145.20 8.81 185.77 4.87
August 12.59 -7.77 40.26 14.95 83.78 17.34 76.69 -6.62 144.11 5.66 184.34 2.07
September 12.42 -6.28 39.91 15.48 83.13 18.64 75.20 -4.56 141.02 6.27 180.34 3.67
October 12.66 -3.18 39.84 12.41 82.52 15.90 76.90 -1.01 139.48 4.19 178.00 1.90
November 12.54 -2.97 39.52 6.13 81.86 5.64 76.79 -0.84 140.06 -0.69 176.76 -6.65
December 12.79 -0.59 40.04 6.02 82.98 6.12 78.71 2.59 141.63 0.16 179.56 -5.53
2010 13.53 4.18 39.81 -7.71 81.63 -10.17 83.34 7.33 140.41 -6.50 175.49 -9.61
January 13.07 -0.30 39.86 -9.76 82.41 -11.63 80.03 2.71 139.98 -8.11 176.02 -10.91
February 13.18 -0.44 39.89 -12.80 82.36 -15.31 80.74 2.67 139.08 -11.67 174.90 -14.68
March 13.41 2.77 39.80 -12.17 81.92 -14.88 82.14 5.90 139.56 -10.57 174.69 -13.84
April 13.87 6.11 40.17 -6.85 82.51 -9.37 85.33 9.38 140.32 -5.52 174.56 -8.49
May 13.91 6.78 40.01 -4.34 81.92 -6.74 85.59 9.96 141.44 -3.17 177.96 -6.18
June 13.81 8.05 39.64 -3.41 80.59 -5.94 85.28 11.28 141.39 -2.89 175.80 -6.22
July 13.47 6.55 39.30 -3.49 79.70 -6.04 84.26 E 9.50 141.10 E -2.82 174.47 E -6.08
                                             
1 US, Japan, European Monetary Union, United Kingdom
2 Singapore, South Korea, Taiwan, Malaysia, Thailand, Indonesia, Hongkong
3 Indonesia, Malaysia, Thailand
r Revised using Preliminary data on trade weights for 2007
E Estimate using the average inflation rate of the previous two months
Source:  Bangko Sentral ng Pilipinas