1.   Cecilia Tanchoco, economist at the Bank of the Philippine Islands agrees the peso is overvalued.

2.   Steve Hanke, an economist at Johns Hopkins University and an adviser to Cavallo, denies that the Argentine peso is overvalued.

3.   The peso may be overvalued, making Philippine products more expensive and reducing export growth, a senior government official said.

4.   By helping to keep the peso overvalued, the Philippines became a nation of importers rather than producers.

5.   Many analysts had said for several years that the peso was overvalued.