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||5.05||-4.11 %||Jul 11|
|Exchange Rate||51.20||0.02 %||Jul 11|
|Stock Market||8,154||0.66 %||Jul 11|
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July 10, 2019
Merchandise exports grew 1.0% in annual terms in May, matching April’s revised growth figure (previously reported: +0.4% year-on-year), gradually recovering from a very weak performance in the first quarter.
July 5, 2019
Consumer prices rose 0.08% over the previous month in June, down from the 0.17% increase in May.
July 1, 2019
The manufacturing Purchasing Managers’ Index (PMI), produced by Nikkei and IHS Markit, edged up to 51.3 in June from 51.2 in May.
June 20, 2019
At its 20 June monetary policy meeting, the Central Bank of the Philippines (BSP) left the overnight reverse repurchase facility (RRP) unchanged at 4.50%, matching market analyst expectations.
June 17, 2019
Cash remittances from Overseas Filipino Workers (OFW) totaled USD 2.4 billion in April, which was a 4.0% increase from the same month a year prior, down from the 6.6% rise recorded in March.