The Bankers Association of the Philippines (BAP) has recorded an all-time low currency value of the country on Monday, October 3 at P59 per 1 US dollar.
In the Foreign Exchange Summary of BAP, the peso-dollar exchange rate opened at P58.75 and closed at P59 on Monday which was also the highest intraday rate for the day.
On Tuesday, the rates opened at P58.88 and had a steady intraday rate of P59 as an average.
Albay Representative Joey Salceda said in an interview with local media that the Philippines must brace for the possibility that the peso may weaken to as much as P65 against the US dollar.
Last September, the country has seeing a trend of setting new historic lows almost every day.
- September 1 – Philippine peso drops; hits all-time low record since 2004
- September 5 – Philippine peso value drops further to P56.999 per dollar on Sept. 5
- September 6 – Philippine peso weakens to P57 for third straight day
- September 8 – Another historic low: Philippine peso closes at P57.18
- September 16 – OFWs advised to buy ‘gold, property’ as Philippine peso sinks further to P57.43 vs USD
- September 20 – Philippine peso trades for P57.5 intraday on Tuesday
- September 21 – Philippine peso trades at P58 per USD for the first time
- September 22 – Highest intraday Philippine peso rate against US dollar at P58.5
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September 29 – Highest intraday rate of Philippine peso hits P59 against US dollar
A former economist of the Philippine Competition Commission, Mr. Rainier Ric dela Cruz, explained in an interview with The Filipino Times why the peso has weakened against the US dollar in recent months.
“The major reason is because of inflation and the response of the US Federal Reserve (the equivalent of our Central Bank) to counteract it. In order to combat inflation, the Fed has raised major interest rates, which in turn, has made the US more attractive to investors,” said dela Cruz.
President Ferdinand ‘Bongbong’ Marcos Jr. has already stated that the palace will be monitoring the value of pesos vs US dollars.
