Central bank chief to resign

Central bank chief to resign

MANILA (AFP): Central Bank of the Philippines governor Gabriel Singson on Saturday offered to resign after some legislators said they would investigate him for failing to halt the fall of the peso against the dollar.

"If they want I will resign. We will have to look for a miracle worker who can do a miracle to solve this problem. Gladly I will give way," Singson said in a radio interview.

"If there is one who can solve the problem ... let him come to me and I will bring him to President (Fidel) Ramos. I will tell President Ramos 'here I have found a miracle worker,'" he added.

Some congressmen have called on Singson to resign after the Philippine currency plunged to new lows of 46.50 pesos to the dollar last week. They accused the central bank chief of "doing nothing" to halt the slide.