By The SUN
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| Graphic from ABS-CBN |
The Philippine peso fell to a new record low against the US dollar for the third straight day, closing on Thursday at P58.49.
Yesterday it dropped to P58 to the greenback, and on Tuesday, it was down to P57.48. It hovered around this mark from Sept 16 to 19, before going on a steep slide.
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| PINDUTIN PARA SA DETALYE |
As the HK dollar is pegged to the US dollar, the peso also fell to P7.45 to HK$1.
The peso opened weak at P58.1 and hit a new intraday low of P58.50, before closing just 51 centavos higher despite Bangko Sentral ng Pilipinas’ expected interest rate hike from 3.75 percent to 4.25 percent on the same day.
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| PINDUTIN PARA SA DETALYE |
Despite this, BSP Deputy Governor Francisco G. Dakila Jr. said at a news conference today the economy is strong enough to withstand the continuing decline, citing so called “buffers” like exports, remittances and income from BPOs, tourism and foreign investments.
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| Press for details |
Dakila also said the current movement of the peso vis-à-vis the US dollar is expected as the greenback continues to strengthen with the rise in US interest rates.
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| BASAHIN ANG DETALYE |
Concerns over the Russia-Ukraine war and its impact on the global supply chain as well as the rising inflation across most countries are also said to drive investors to pick the US dollar as a “safe haven asset.”
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PADALA NA!
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