41.   They believe there are bargains to be found, primarily because banks have foreclosed on many hotels since the peso was devalued.

42.   This lack of liquidity magnifies peso fluctuations against the dollar because the peso is vulnerable to nervous investors and speculators, analysts said.

43.   This week, the peso has been in its most serious slump since then, but Clinton administration officials are saying little and doing nothing.

44.   When domestic prices are high relative to international prices, or the peso is strong, oil companies pay into the fund, which then builds up a surplus.

45.   While a weaker peso is good for exporters that earn in dollars, it makes all imports more expensive and increases the costs of repaying foreign-denominated loans.

46.   Which is why a stable peso is more important than a strong peso.

47.   Yet the weaker peso could be good news for PLDT, which gets half its revenue from overseas calls.

48.   Philippine exporters have complained that the peso is too strong against the dollar, hurting their competitiveness.

49.   A trader with a foreign bank said the peso is likely to stabilize soon in the absence of renewed heavy demand for dollars.

50.   Although officially market-oriented, the peso has actually been a highly managed currency.