The dollar appears posed to go over P50.

With all the spending in the US by the government, the dollar could fall.

However, the government is doing most of the spending in the US right now because no one else is.  If spending is down by the American public, there will be fewer dollars coming into the Philippines.  It wont matter how many dollars are in the US if they are in short supply here and demand remains high, the dollars value should continue to rise.

Also, the Metrobank of the Philippines predicted that the dollar will go to P53 by year end.  As soon as this article came out, the dollar started rising.  The article might have influenced that but markets in the US don’t usually respond to such news.  The reason is the expert investors have all ready taken into account the factors of the market.  The only time news should have an effect on a market is when there is a huge change in outlook and that change in outlook is sound enough to cause investors to change their outlook.

Php Vs US Dollar Exchange Rates for March 2009
Date Close Comments
03-01-09 48.7000
03-02-09 48.8998
03-03-09 48.7306
03-04-09 48.6100
03-05-09 48.5350
03-06-09 48.3753
03-07-09 48.6500
03-08-09 48.6599
03-09-09 48.5077
03-10-09 48.2849
03-11-09 48.3028
03-12-09 48.5526
03-13-09 48.4398
03-14-09 48.4398
03-15-09 48.4400
03-16-09 48.4398
03-17-09 48.2999
03-18-09 48.2801 Looks like The Dollars is determined to fall!  Slowely but still falling
03-19-09 48.4027
03-20-09 48.3559
03-21-09 48.2299
03-22-09 48.2299
03-23-09 47.9864 Dollar dRops BELOW 48
03-24-09 48.093 Dollar Back up over 48 but just barely
03-25-09 48.0806
03-26-09 48.1590
03-27-09 48.1985
03-28-09 48.0599
03-29-09 48.0599
03-30-09 48.4613 Dollar Heads Back toward P49?
03-31-09 48.2064 No Data received?

Note: 03-08-09  It appears the dollar had a small short spurt in its value but now has started hovering around P48.5 Peso per dollar.  Too early to know for sure, kind of looks that way though.