THE PHILIPPINES
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From Times Staff and Wire Reports
Foreign Exchange Curbs to Be Dropped: President Fidel Ramos said the Philippines will drop all restrictions on foreign exchange trading. Analysts said the move will weaken the peso, but bolster the economy and send the stock market higher. “This ends an era of over 40 years of foreign exchange control in the Philippines,” Ramos said last week. “Deregulation is one of the key reforms to revive our economy.” The business community cheered the news.
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