1.   In Europe, while the dollar seems stable, many hotels offer rates guaranteed in dollars.

2.   Libor is the London interbank offer rate.

3.   But as of noon Tuesday it had not posted an offer rate for the day.

4.   Central Bank Gov. Gabriel Singson said there was also clear evidence Wednesday of speculation in the peso because of sharp changes in the offer rates of banks.

5.   Monetary authorities, while powerless to stop the strong demand for dollars, can use its offer rate as an effective weapon in quelling speculative demand.

6.   The Citibank dealer said some banks decided not to quote an offer rate in order to help stem massive demand for dollars.

7.   The offer rate was seen by traders as psychologically important since it showed that the central bank would be willing to support the peso at that level.

8.   The rise in overnight rates appeared to have an immediate calming effect on the market, with many banks reducing their offer rates for the dollar.

9.   The slower dollar-buying prompted some banks to lower their offer rates for the dollar.

10.   The weaker yen also pushed up offer rates for the dollar, traders said.