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)||44.39||44.79||46.93||49.60||50.01|
5 years of economic forecasts for more than 30 economic indicators.
Philippines Exchange Rate Chart
Source: Thomson Reuters.
|Bond Yield||4.47||-4.11 %||Sep 04|
|Exchange Rate||51.88||0.02 %||Sep 04|
|Stock Market||7,841||0.66 %||Sep 04|
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September 16, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.6 billion in July, increasing a sharp 7.5% in annual terms and rebounding from the 2.9% decline in June (USD 2.3 billion).
September 10, 2019
Merchandise exports grew 3.5% in July, up from June’s 3.3% growth and carrying the sluggish recovery in export growth into the third quarter. Stronger growth in July was largely due to robust growth in agricultural sales, particularly for bananas, while exports of machinery and transport, gold—which is experiencing strong safe-haven demand—and electronic equipment and parts also grew at strong rates in the month.
September 5, 2019
Consumer prices rose 0.17% over the prior month in August, down from the 0.25% increase in July.
September 2, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, ticked down to 51.9 in August from July’s six-month high of 52.1 in July.
August 15, 2019
Cash remittances from Overseas Filipino Workers (OFW) rose a total of USD 2.3 billion in June, declining 2.9% over the same month of the previous year.