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Item Restricted Peso appreciation: what causes it? a study on Philippine exchange rate determination(2008-03) Taccad, Toni Lee Alexis J.; Lukban, Marie Eunice S.; Alburo, FlorianThe years 2006 and 2007 experienced peso appreciation shifting the long running depreciation trend in the Philippines. This thesis looks into factors that could have determined this phenomenon through applying the theories of exchange rate determination. It used the Ordinary Least Squares Method to verify if the factors identified by the BSP: remittances, export earnings and foreign investments, truly reflect this appreciation specifically that of REER. The study used the monthly frequencies of these variables. Three extended models are regressed to include a global exchange market factor: dollar weakening. This thesis had found out that the current appreciation can be attributed more on the global exchange rate market movements than the foreign inflows in the domestic exchange rate market.