Short update on 2008-02-16:
The Philippines Peso has been climbing against the US Dollar and the British pound. From a low of about 56 to the $ and 107 to the GBP, the Phils Peso is now 40.575 to the US$ and 79.7 to the pound sterling. (These figures updated 2008-02-24 at 6.31 p.m.)
[I am going to cheat now and update this post on 9th August 2013. The rates now are 43.53 PHP to the USD and 67.64 PHP to the GBP. The GBP s a lot weaker than in 2008 when this original article was written.]
Look at those 5 year charts on those pages! This in my view is the start of the long march up in Asian currencies.
Taking a look at the Chinese Yuan (Renminbi), this currency started its march up against the US Dollar in about June 2005, shortly after the dollar peg was loosened to allow some wiggle room. Of course, the 'wiggle' has been all up for the Yuan and down for the dollar.
This coincides exactly with the peak in the US$ against the Philippines Peso.
Similarly, Sterling peaked vs the Yuan in at the turn of 2004/2005, just when it peaked agaist the Phils Peso. Coincidence? Hmmmmm. Could be a TREND!