A customer counts Philippine peso notes after trading his US dollars for Philippine pesos in Manila on September 8, The peso touched P The last time the local currency was weaker than P50 to the dollar was in November The peso then closed at P But for economists and government officials, the weakening of the peso is not alarming, as other currencies are also depreciating across emerging markets like Indonesia and Malaysia.
According to Neri, the local currency "has only dropped 2. Many participants expressed the view that it could be appropriate to raise rates relatively soon as long as incoming data and labor market conditions continue to be in line with their objective, said Metrobank in its market analysis for Thursday.
We seem to be moving in the same direction as the other currencies. We just want to avoid abrupt changes in the exchange rates," Dominguez said. He said the country's strong macroeconomic fundamentals would shield the domestic economy from external shocks such as higher US interest rates and a stronger dollar.
Finance Undersecretary Gil Beltran also said the strengthening of the greenback against the peso "is expected as an impact of the Fed normalization. It was P57 per the US dollar in All other currencies are moving in the same direction," he said. Tetangco said monetary authorities are not worried about the continued weakening of the peso against the dollar.
From now until the US monetary policy meeting in December, Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, had told Rappler that "the dollar might remain above the P49 level due to rate hike expectations as well as political uncertainties in the US. If US President-elect Donald Trump ramps up his country's infrastructure spending, Dumalagan said the dollar could breach the P50 mark, "as aggressive government spending could boost US inflation leading to potentially more US rate hikes next year.
BSP chief Tetangco earlier said that the BSP could intervene if there is excessive volatility in the foreign exchange market. These stories made other people. Welcome to Rappler, a social news network where stories inspire community engagement and digitally fuelled actions for social change. View your profile page here OR Click close to continue. Welcome to Rappler, please select your default country: Bubarkan tawuran, dua polisi justru dikeroyok Berita.
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