Philippines Exchange Rate

Philippines

Philippines: Philippines peso recovers slightly in October

October 15, 2015

In the second half of September and at the beginning of October, the Philippines peso (PHP) appreciated slightly against the U.S. dollar, reversing some of the losses made in recent weeks. The peso was on a depreciating trend between mid-May and the beginning of September and hit an over-five-year low of 47.03 PHP per USD on 7 September. However, more recently, the peso recovered slightly and appreciated to 45.91 PHP per USD on 15 October, which was 1.7% stronger than on the same day in September. Nevertheless, this value was still 2.3% weaker than on the same day of the previous year.

The recent appreciation of the peso partly reflected fading expectations for a U.S. interest rate hike this year, following weaker-than expected U.S. data and the release of the last Fed minutes. In addition, Central Bank Deputy Governor Diwa Guinigundo’s recent statement that the recovery of the peso could be sustained, thanks to the Philippine’s ample foreign currency reserves and solid current account surplus, also contributed to the peso’s strengthening. In recent months, the Philippines peso performed more robustly than most other emerging-market currencies in Southeast Asia, which showed great volatility after the depreciation of the Chinese yuan and turmoil in financial markets.

FocusEconomics Consensus Forecast panelists expect the Philippines peso ending this year at 46.9 PHP per USD. Next year, the panel sees the currency trading at 47.3 PHS per USD.


Author: Teresa Kersting, Economist

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Philippines Exchange Rate October 2015

Note: Exchange rate, PHP per USD (eop).
Source: Thomson Reuters


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