The peso yesterday closed at 45.52 to the US dollar, after trading from 45.32 to 45.57. The total value of transactions at the Philippine Dealing System reached $633.05 million.

The Philipppine Stock Exchange index fell 1.6 percent. Most Southeast Asian stock markets eased, dented by worsening global economic conditions and a sharp pullback in oil prices. Malaysia edged 0.7 percent lower but Singapore and Indonesia performed better, inching 0.2 percent up. Thai stocks led losses; falling 3.4 percent to a 15-month low after its central bank raised its key interest rate by 25 basis points and said it could tighten monetary policy further.

Philippine share prices continued declining after foreign funds sold P1 billion worth of shares. The Philippine Stock Exchange index shed, 39.56 points to end at 2,373.70. Losers edged gainer 79 to 22 with 32 stocks unchanged.

Trading reached P1.65 billion. PCCI Securities, Inc. research head James Lago noted that on a year to date basis, foreign funds had taken out an estimated $500 million worth of funds from the PSE. "They are just taking a safety position in the current situation. They have exposures in the US, which they also have to cover. So they are staying on the sideline," said Lago. Most actively traded Philippine Long Distance Telephone Co. was down P50 to P2,375. Megaworld Corp. ws down P0.04 to P1.14. Manila Electric Co. was down P3 to P51. Ayala Land, Inc. was down P0.20 to P9. SM Prime Holdings, Inc. was up P0.10 to P6.90. Philippine National Oil Co. Energy Development Corp. (PNOC-EDC) was down P0.15 to P4.55.