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||6.16||-4.11 %||Mar 11|
|Exchange Rate||52.13||0.02 %||Mar 11|
|Stock Market||7,709||0.66 %||Mar 11|
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March 15, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.5 billion in January, which was a 4.4% increase from the same month a year prior, and an acceleration from the 3.9% rise registered in December (USD 2.8 billion). On a cumulative basis, cash transfers in the 12 months up to January totaled USD 29.0 billion, a notch up from December’s USD 28.9 billion. Robust cash remittances in January continued to be supported by strong inflows from the U.S.—the origin of over a third of all remittances—followed by Saudi Arabia, Singapore, and the UK. January’s result suggests Filipino household spending will likely remain solid in the first quarter of 2019.
March 12, 2019
Merchandise exports continued falling at the outset of 2019.
March 5, 2019
Consumer prices rose 0.2% over the previous month in February, matching January’s print.
March 1, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and IHS Markit, inched down to 51.9 points in February from 52.3 points in January, which marked a six-month low for the survey.
February 15, 2019
Cash remittances from Overseas Filipino Workers (OFW) rose to USD 2.8 billion in December, a 3.9% increase compared to the same month of the previous year.