38	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		13.30		3.72	36.63		-12.36	77.72		-11.21		84.08		8.74	137.65		-6.01	173.16		-7.98
		January	12.79		-2.44	36.50		-17.35	78.23		-16.11		79.99		2.66	136.89		-10.13	173.97		-11.95
		February	12.87		-2.73	36.54		-20.13	78.18		-19.61		80.57		2.46	136.06		-13.59	172.85		-15.68
		March	13.10		0.40	36.46		-19.54	77.75		-19.21		81.98		5.70	136.52		-12.51	172.64		-14.86
		April	13.55		3.70	36.80		-14.66	78.34		-13.95		85.21		9.22	137.31		-7.54	172.62		-9.51
		May	13.55		4.08	36.64		-12.40	77.76		-11.48		85.23		9.50	138.18		-5.41	175.67		-7.39
		June	13.44		5.19	36.29		-11.58	76.50		-10.71		84.82		10.68	138.01		-5.21	173.32		-7.55
		July	13.12		3.78	35.97		-11.67	75.67		-10.79		83.93		9.08	137.21		-5.50	170.49		-8.22
		August	13.32		5.76	36.42		-9.55	76.73		-8.42		85.39		11.35	139.27		-3.36	173.63		-5.81
		September	13.50		8.67	36.90		-7.55	77.85		-6.36		85.52		13.72	138.75		-1.61	173.62		-3.73
		October	13.40		5.90	37.09		-6.88	78.67		-4.67		84.43		9.80	137.36		-1.52	173.50		-2.53
		November	13.46		7.29	37.01		-6.34	78.58		-4.01		85.64		11.52	138.61		-1.03	173.24		-1.99
		December	13.52		5.71	36.92		-7.77	78.42		-5.50		86.27		9.60	137.62		-2.83	172.39		-4.00
	2011		13.36		0.47	36.64		0.04	77.93		0.27		86.19		2.50	137.48		-0.13	173.16		0.00
		January	13.38		4.58	36.52		0.05	78.10		-0.17		85.36		6.72	135.50		-1.01	170.56		-1.96
		February	13.41		4.16	36.74		0.57	78.43		0.32		86.00		6.74	136.33		0.20	171.57		-0.74
		March	13.32		1.73	36.52		0.16	77.37		-0.49		85.20		3.93	136.08		-0.32	170.14		-1.45
		April	13.33		-1.68	36.29		-1.41	77.12		-1.55		85.29		0.10	135.08		-1.63	168.62		-2.32
		May	13.32		-1.73	36.10		-1.46	76.61		-1.47		85.32		0.10	135.91		-1.64	171.93		-2.13
		June	13.21		-1.71	35.96		-0.91	76.44		-0.08		85.06		0.28	136.54		-1.07	172.65		-0.39
		July	13.39		2.07	36.17		0.56	77.01		1.77		87.41		4.14	137.66		0.33	174.02		2.07
		August	13.42		0.77	36.50		0.22	77.50		1.01		87.49		2.46	138.98		-0.21	175.06		0.83
		September	13.41		-0.68	36.80		-0.27	78.07		0.29		86.47		1.11	138.52		-0.16	174.59		0.56
		October	13.31		-0.74	37.19		0.26	78.76		0.11		86.08		1.95	138.95		1.15	175.46		1.13
		November	13.43		-0.24	37.46		1.22	79.80		1.56		87.34		1.98	140.78		1.56	176.99		2.17
		December	13.46		-0.47	37.46		1.46	79.98		2.00		87.21	E	1.08	139.40	E	1.29	176.35	E	2.30
	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