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||6.54||-4.11 %||Jan 14|
|Exchange Rate||52.20||0.02 %||Jan 14|
|Stock Market||8,024||0.66 %||Jan 14|
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January 15, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.3 billion in November, a 2.8% increase compared to the same month of the previous year.
January 10, 2019
Merchandise export growth contracted 0.3% in annual terms in November, swinging from the upwardly revised 5.5% expansion registered in October (previously reported: +3.3% year-on-year).
January 4, 2019
Consumer prices fell sharply in December, decreasing 0.6% over the previous month, following the 0.2% fall registered in November.
January 2, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and IHS Markit, dipped to 53.2 points in December from 54.2 points in November.
December 17, 2018
Cash remittances from Overseas Filipino Workers (OFW) increased USD 2.5 billion in October, rising 8.7% over the same month of the prior year and accelerating from the 2.3% increase seen in September.