The dirham-peso exchange rate remains high at Php14.66 on Tuesday, September 11, according to the Bangko Sentral ng Pilipinas (BSP) exchange bulletin.
Despite the peso-dirham rate remaining steady, UAE remittance companies told The Filipino Times that the peso-dirham exchange rate, which has continuously been moving up since last year, is headed to Php15, citing different factors.
One of which is the US’ move to hike interests resulting to a struggling peso.
Dollar-peso rate continues to slide against dollar which hit Php53,85 today, a slight dip from yesterday’s P53.79 rate.
Rising inflation
A government report released on Wednesday, September 5, revealed that the Philippines’ inflation rate in August 2018 hit 6.4 percent, a new high in nearly a decade.
The new record high Inflation rate is only 0.2 percent shy from the 6.6 percent inflation rate recorded in March 2009.
For the past six months, inflation rate also exceeded the Bangko Sentral ng Pilipinas’ estimates of two to four percent.
Despite this, Budget Secretary Benjamin E. Diokno said the inflation is expected to slow down in the last quarter of the year. This was echoed Bangko Sentral Governor Nestor Espenilla who said that inflation will return within the comfort range next year.
