Philippine Peso

by Daxim L. Lucas, Philippine Daily Inquirer, 15 Oct 2020 MANILA, Philippines – The country’s dollar reserves rose to their highest level in history for the 12th consecutive month and, more importantly, breached the $100-billion threshold at the end of September due to the central bank’s currency market operations and the national government’s foreign loans.

By: April Lee-Tan, Philippine Daily Inquirer, 4 May 2020 The peso has always been vulnerable to past crises. During the Asian Financial Crisis in the late ‘90s, the peso depreciated to 56 from around 26 against the dollar. During the 2008 Global Financial Crisis, it weakened by around 14 percent.

By: Ben O. de Vera, Philippine Daily Inquirer, Jun 19, 2019 The peso is seen weakening to 55 to $1 by year-end as the yawning current-account deficit mainly due to strong imports and weak exports continues to put pressure on the local currency, London-based Capital Economics said.

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by Ian Nicolas Cigaral (philstar.com), Apr 24, 2018 MANILA, Philippines — The country’s policymakers on Tuesday said they expect the Philippine peso to trade at a range of P50 to P53 against the dollar this year until 2022 amid the normalization path taken by the US Federal Reserve.

The peso is down 8% and investors are dumping stocks amid doubts about Duterte’s economic agenda. By WILLIAM PESEK, Mar 22, 2017 Philippine’s President Rodrigo Duterte gestures as he answers a question during a press conference at the Malacanang palace in Manila. You can spin voters and the media, but currency traders are a harder…

By Krista A. M. Montealegre, Businessworld, Jan. 27, 2017 THE PHILIPPINE PESO is expected to lose further ground to the US dollar this year, but the depreciation failed to make a significant dent on corporations, with the higher cost of imports likely to be borne by household consumers.

BY MAYVELIN U. CARABALLO, Manila Times, JANUARY 10, 2017 BUSINESS Depreciation seen ranging from P50:$1 Private financial institutions forecast the peso to weaken to a range of P50:$1 to P52:$1 toward the end of the year, with the most pessimistic view seeing a scenario of worsening risk sentiment in case of a hardline trade stance…

ABS-CBN News, Dec 27 2016 MANILA – The peso could weaken to P51 to the dollar next year and P55 in 2018, as policy tightening in the US drives funds out of emerging markets like the Philippines, UBS said. The peso touched the P50-per dollar level twice in the last two months. It weakened to…

By Lawrence Agcaoili (The Philippine Star), Dec. 19, 2016 MANILA, Philippines – Economic managers tweaked the government’s P45-48 to $1 foreign exchange assumption amid the weakening of regional currencies against the greenback due to the much anticipated rate hike by the US Federal Reserve.

By Giovanni Nilles and Prinz Magtulis (The Philippine Star), September 28, 2016 MANILA, Philippines – Global market forces, not President Duterte’s anti-drug war policy nor his verbal attacks against western leaders, caused the weakening of the peso against the dollar and the extended losses in the Philippine stock market, Budget Secretary Benjamin Diok­no said yesterday.

IN RECENT days, the peso has dipped to a three-year low at P45 to a dollar. Should government authorities panic? I hope not. Overall, its effect on economic growth, employment, the government’s fiscal position, and the Bangko Sentral’s financial position is positive.

THE PESO could weaken to as much as P46 to a dollar, New York-based consultancy GlobalSource Partners said, but will likely end the year at around P43-44.

Don’t worry, Philippine economic managers are saying if the dollar turns stronger in tandem with the US economic recovery. There is an ample supply of the greenback to absorb external shocks while the peso’s weakness – eventually – bodes well for the economy.

The country’s chief economist said the recent weakening of the peso should be viewed positively, adding that this augured well for the local manufacturing sector and would help generate badly needed jobs.

Since May 22, when talks about “Fed tapering” arose, interest rates across the globe started to shoot up. Capital which freely flowed to emerging markets because of the Great Global Monetary Easing (see The Great Global Monetary Easing, Oct. 22, 2012) began to reverse course, causing a vicious correction in emerging market stocks, bonds and…

MANILA, Philippines – The peso’s current weakness is not likely to significantly impact on inflation, a Bangko Sentral ng Pilipinas official said.

MANILA, Philippines (UPDATE) – An analyst said a weaker peso will be good for the Philippine economy.

MANILA, Philippines—The peso fell back to the 41-to-a-dollar territory on Tuesday to hit its lowest level for the year as the crisis in Cyprus spooked markets anew. The local currency closed at 41.07 against the US dollar, down by 24 centavos from the previous day’s finish of 40.83:$1.

THE CENTRAL BANK must put more teeth in its foreign exchange policy, economists yesterday urged, before an overvalued peso causes the collapse of local industry.

THE “ALARMING” appreciation of the peso could erode the sustainability of economic growth, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in their most recent joint assessment.

MANILA, Philippines – Overseas Filipino workers and their families, as well as exporters and business process outsourcing companies, are feeling the pinch of a strong Philippine peso. But what is behind the rising value of the peso against the US dollar?

MANILA, Philippines – The peso surged to its fourth record performance this year, closing yesterday at its best in nearly five years on the back of strong positive sentiment to the local economy and as the central bank reiterated its exchange rate policy.

MOVEMENTS of Asian currencies must be closely monitored to ensure that a “competitive balance” is maintained in the region, an economist said. With funds fleeing struggling markets and surging to emerging economies, currencies in the region have seen sharp appreciations, Asian Development Bank research fellow Victor C. Pontines yesterday noted.

THE STRENGTHENING Philippine peso has dealt a serious blow to the local outsourcing sector, eroding the competitiveness of the industry, the Business Processing Association of the Philippines (BPA/P) said in a statement yesterday. BPA/P cited a survey of 59 executives conducted from Dec. 18-21, in which almost half of respondents claimed that the strong currency…

Philippine stocks gained again on Tuesday, sending the benchmark index to a new high of 5,586.46, up 0.13 percent, as investors continued to take a favorable long-term view on local equities.

MANILA, Philippines – The peso closed at a four-and-a-half year high yesterday, following other Asian currencies which appreciated on the back of good news from the US. The local currency ended trading at 41.33 to a dollar, 12.5 centavos stronger than Monday’s close of 41.455 to $1. Dollars traded reached $1.021 billion, up from $687.950…

MANILA – The peso climbed to a four-and-a half-year high, closing Tuesday at 41.33 against the US dollar amid strong appetite for risk among investors.

MANILA, Philippines – The peso reached a new four-year high yesterday as high corporate demand and suspicion that US monetary authorities will provide new stimulus to the economy this week drove investors away from the greenback.

MANILA, Philippines – Oriental & Motolite Marketing Corp., manufacturer of vehicle batteries, warned that it may close its plant in the country if the peso continues to appreciate and cut its export earnings.