Philippine Peso Declines as Investors Cut Risk: Won Rises on Extra Yield

(Bloomberg) -- The Philippine peso weakened for a
second day on speculation investors will reduce their risk as key
Asia stock markets followed U.S. benchmarks lower.

A slump in the U.S. subprime mortgage market that is hurting
major hedge funds has raised concern U.S. growth will slow and
weigh on investment in the Asian region. Currencies in Indonesia,
the Philippines and Malaysia that have benefited more from
foreign fund inflows may be the worst at risk, said Tetsuo
Yoshikoshi at Sumitomo Mitsui Banking Corp. in Singapore.


Read more at Bloomberg Currencies News