A cheaper peso will also benefit the national economy by promoting the tourism industry.

In a bid to boost exports while maintaining the stability of the financial market, the government is struggling to keep the peso's devaluation on a right path.

On Tuesday, the Central Bank injected 200 million dollars into the foreign exchange market as an intervention to prop up the peso.

However, there is a host of factors which have a bearing on the trend of the peso-US dollar exchange rate, including the coming parliamentary elections slated for October. If the ruling coalition lost control of the parliament in the polls, it would arouse public concerns over the political situation at home and the peso would be likely to go further down.

(Xinhua News Agency March 8, 2009)