On Tuesday morning, the Philippine peso hit 58 per dollar for the first time in nearly two years. The last time it reached this level was on November 10, 2022, closing at 58.19.
According to a report on Bloomberg, the BSP has already signaled that they may intervene to stabilize the peso alongside the government that vowed in 2022 to be assertive in stopping the currency from reaching 60 per dollar.
As of this writing, the dollar to peso exchange according to Google Finance is at 58.14.
When the exchange rate weakens, indicating a decline in the value of the peso against the dollar, it may signal an unstable economy. However, this can also present opportunities for the country to boost its efforts in contributing to economic growth.
