RP lifts bans on lumber exports

RP lifts bans on lumber exports

MANILA (AP): The Philippines has temporarily lifted a 10-year ban on lumber exports to help stabilize its currency, which has been reeling from Asia's financial crisis, an official said Thursday.

Rolando Pena, an environment department official, said lumber exports will be allowed until the end of December.

The lifting of the ban is expected to bring in more dollars from exports of Philippine hardwood, thereby reducing demand for the U.S. currency and bolstering the peso. The peso has fallen about 31 percent against the dollar since last July.

The lumber export ban was imposed in March 1989 to save the country's dwindling older forests from uncontrolled illegal logging.