Peso Weakens Further, Reached All-Time Low Value at P57 to $1

After reaching record lows in decades the previous days, the Philippine peso has now reached its lowest value recorded against the US dollar, according to data from the Bankers Association of the Philippines.

The new all-time low of the peso was recorded at PHP57 to USD1 on September 6.

This follows the currency exchange in the previous days, as the peso plummeted to PHP56.77 last Friday, then closed at PHP56.999 on Monday.

According to Bangko Sentral ng Pilipinas Governor Felipe Medalla, the depreciation of the peso is due to a strong dollar, and currency depreciation is happening globally.

Medalla downplayed the depreciation of the local currency in late June, saying remittances, along with exports and BPO income support the peso.

Socioeconomic Planning Secretary Arsenio M. Balisacan agreed to Medalla in early July, saying that there is no need to worry.

“It’s not something that we need to worry much,” Balisacan told reporters, adding “we still have to see how that depreciation relates with our neighbors, with our competitors, and with our economic fundamentals.”

Meanwhile, inflation in the Philippines eased to 6.3 percent in August 2022, after five consecutive months of acceleration, according to data from the Philippine Statistics Authority. (GFB)