Exchange Rate in Philippines
Philippines - Exchange Rate
Peso weakens to over seven-year low
In November, the Philippine peso (PHP) weakened against the U.S. dollar, continuing a trend that began in early August. On 11 November, the currency traded at 48.96 PHP per USD, the weakest value since 29 April 2009. This was 0.4% weaker than on the same day of the previous month and 4.0% weaker on an annual basis. The currency has lost 4.3% of its value since the beginning of the year.
The recent depreciation of the peso has been driven by several factors. On the one hand, it reflects that the U.S. dollar is strengthening on the back of rising expectations of a Fed rate hike sometime soon. On the other hand, the current account surplus in the Philippines has been narrowing, as remittances growth slowed in the second half of this year compared to the strong growth rates observed in past years. In addition, foreign selling of Philippine stocks increased on the back of market concerns over policy uncertainty surrounding Rodrigo Duterte’s administration. Lastly, on 11 November Southeast Asia’s markets were hit as a side-effect of Donald Trump’s victory in the US presidential election, due to growing consensus that his fiscal stimulus and massive infrastructural investment programs will push up inflation and U.S. rates, pushing capital out of emerging markets into dollar-based assets.
FocusEconomics Consensus Forecast panelists expect the Philippine peso to end this year at 48.1 PHP per USD. Next year, the panel sees the currency trading at 48.5 PHS per USD.
Philippines - Exchange Rate Data
|Exchange Rate (vs USD)||46.93||49.60||50.01||52.50||50.66|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Exchange Rate Chart
Source: Thomson Reuters.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
January 13, 2022
Remittances totaled USD 2.5 billion in November, representing a 5.1% year-on-year expansion.
January 11, 2022
Merchandise exports jumped 6.6% on an annual basis in November, on the heels of October’s 2.0% increase.
January 5, 2022
Consumer prices flatlined over the previous month in December, coming in below November's 0.54% increase, amid softer price pressures for food.
January 3, 2022
The IHS Markit Manufacturing Purchasing Managers' Index (PMI) came in at 51.8 in December, up from November's 51.7.
December 15, 2021
At its monetary policy meeting on 15 December, the Central Bank of the Philippines maintained the overnight reverse repurchase facility rate at its record low of 2.00%, marking the ninth successive hold and matching market analysts’ expectations.