The current global financial crisis continues to hurt currencies in the region as risk aversion remain high but depreciation of the Philippine peso is less against other units in the region.
Bangko Sentral ng Pilipinas (BSP) Gov. Amando Tetangco Jr. yesterday said the local unit has weakened by 1.6 percent as of June 29, 2009 “but performing better than some Asian currencies.”
“The Philippine peso has been moving in tandem with the movements of most currencies in Asia,” he said.
Tetangco said other currencies that have depreciated against the US currency so far include the Singapore dollar, 1.8 percent; Malaysian ringgit, 1.9 percent; South Korean won, two percent; and Japanese yen, 5.1 percent.
He, on the other hand, cited that the “Indonesian rupiah, the Thai baht, and the Indian rupee have strengthened from their levels at the start of the year.”
He also said that the local unit’s current value and year-to-date average value is still within the P46-49 per US dollar assumption of the inter-agency Development Budget Coordination Committee for this year.
“The BSP will continue to monitor closely the evolving developments in monetary and foreign exchange conditions to enable it to take appropriate measures consistent with its primary mandate of promoting price stability under the inflation-targeting framework,” he said.
Monetary officials said the central bank leaves the determination of the peso-dollar exchange rate to market forces and only joins the market to address sharp fluctuations. –Daily Tribune
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