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| The peso has been losing its value since it last peaked on Feb 1, 2013. (Google graph.) |
The Philipine peso sank today (Monday) to its lowest value in history, closing at P56.999 to the dollar, capping a steady weakening that began in May 2021.
Figures from the Bangko Sental ng Pilipinas indicated that the peso opened today at PhP 56.80 and even sank to its lowest ever at PhP 57.00 before recovering to its day’s high at PhP56.80.
Google, using figures from Morningstar, a US-based provider
of financial data from around the world, also saw the peso sink to as low as PhP57.03
at 5:03 am today.
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In the last five years, the peso was highest at PhP47.23, but slid steadily down to today’s lowest, these figures show.
Morningstar’s data also showed the peso weakening against
the Hong Kong dollar, closing at PhP7.26
today.
The peso was at its highest during the last five years at PhP6.14
on May 28, 2021 but it has lost steam steadily from there.
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To OFWs, this could mean their remittances will cost less if
they send the same amount in pesos.
However, because consumer prices are rising in the
Philippines in the face of shortages, it could also result in their families
asking for more money.
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