Latest NewsNewsTFT News

Philippine peso weakens to P57 for third straight day

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.

Justin Aguilar

Justin is a former TV News Reporter for ABS-CBN News in the Philippines where she covered news stories at Northern Luzon for their nationwide audience. Her news reports were featured in their TV and radio programs such as ANC, TV Patrol World, Umagang Kay Ganda, Bandila and DZMM Teleradyo. She moved to Dubai three years ago and served as an online host, Brand and Marketing Manager and Communications Executive before finding her way back to her passion which is writing stories that matters. She enjoys capturing people’s hearts by highlighting the excellence of Filipinos in her stories and bringing the latest updates to both OFWs and global readers of The Filipino Times. Want to share your story? Reach Justin on Facebook: www.facebook.com/justinlico.aguilar or send your story at: [email protected]

Related Articles

Back to top button