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| The peso has been dropping to historic lows since the latest Mideast row began at end of February |
The Philippine has again dropped to a new all-time low of 61.721 to the US dollar at the end of trading on Friday, May 15.
This came just a day after the peso plunged to a
record low of 61.64 on Thursday.
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Malacanang said this showed that the greenback is
strong, and not that the peso is weak.
The Palace also said that the global spike in oil
prices amid continuing tensions in the Middle East was another big factor.
Combined with the country’s dependence on imports, the local demand for dollars
surged, further weakening the peso.
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| PINDUTIN ITO PARA SA DETALYE |
Before the combined US and Israel attack on Iran at
the end of February, the peso was gaining ground, strengthening to 57.665 on
Feb 27, the last day of trading before the Middle East conflict.
Since then, it has dropped from one historic low to
another.
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| Basahin ang detalye! |
While the weaker peso has superficially boosted the
spending capacity of OFWs, inflation has made it difficult for their families
back in the Philippines to live on their former budget.
Recent data from the government showed inflation had
hit 7.2 percent in April amid the continuing tension in the Middle East, and
the consequent oil price increases.
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