The Philippine peso value continued to weaken on Tuesday, September 6 as it closes at P57.00 according to the data from the Bankers Association of the Philippines.
This value is the lowest since 2004.
The peso closed at P56.999 on Monday and P56.77 last Friday, making today’s peso-dollar exchange the all-time lowest rate of peso for the third straight day.
Read: Philippine peso value drops further to P56.999 per dollar on Sept. 5
Governor Felipe Medalla of Bangko Sentral ng Pilipinas earlier stated that the currency depreciation is happening globally due to the strong dollar.
Meanwhile, National Statistician Dennis Mapa said the government is closely monitoring the currency as the exchange rate could affect the import of fuel products which has an impact on local pump prices and other commodities.
Read: Philippine peso drops; hits all-time low record since 2004
Several economists are predicting that the value could fluctuate in the coming months with the increase in demand from Business Processing Outsourcing (BPO) companies and expected rise in remittances from Overseas Filipino Workers (OFWs) during the holiday season.
As of September 6, 2022, the value of peso-dirham exchange is at P15.56 per 1 dirham.
