Peso Records New All-Time Low Against US Dollar

The Philippine peso on Tuesday once again posted a new record low against the United States dollar.

This comes as the peso closed a fraction below the PHP59 mark on Tuesday, closing at a record-low of PHP58.999.

After Typhoon “Karding” (Noru) caused the suspension of trading on Monday, the Tuesday trading day opened with the peso pegged at PHP58.8.

The latest currency exchange continues the trend that the peso has been following in recent memory as it continues to plummet against the dollar.

Year-to-date data shows that the peso has plummeted by PHP7.99 in value.

According to the Office of the Press Secretary, President Ferdinand “Bongbong” Marcos Jr. has been keeping tabs on the plummeting value of the peso on a regular basis.

Press Secretary Trixie Cruz-Angeles also said that Marcos is in constant communication with the economic team.

“The President is in constant touch with the economic team, and they are closely monitoring this,” Cruz-Angeles said at a press briefing.

Moreover, Cruz-Angeles emphasized that the inflation rate of the country is not due to domestic factors.

“As you know, the inflation rate isn’t due to any local factors. It’s really about the exchange rate,” Cruz-Angeles said. (GFB)