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.
July 7, 2020
Consumer prices increased a 0.49% in June over the previous month, a larger rise than the 0.08% increase logged in May and the sharpest increase seen since January.
July 1, 2020
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, came in at 49.7 in June, a notable improvement after two bleak readings in April and May (May: 40.1).
June 25, 2020
At its 25 June monetary policy meeting, the Central Bank of the Philippines (BSP) decided to cut the overnight reverse repurchase facility (RRP) by another 50 basis points to 2.25% from 2.75%.
June 11, 2020
Cash remittances from Overseas Filipino Workers (OFW) fell 4.7% in March, marking the worst reading since March 2018 (February: +2.5% yoy).
June 8, 2020
Merchandise exports contracted markedly in April, nosediving 50.8% in annual terms as the coronavirus pandemic halted the global economy.