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| The peso dropped to new record low two days in a row |
The Philippine peso has continued its downward slide, posting a new all-time low of Php62.565 against the US dollar on Wednesday, September 2.
(This resulted in the peso dippling to its lowest level of Php7.97 to the HK dollar, which is pegged to the US dollar).
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| PINDUTIN PARA SA DETALYE |
The peso earlier hit an all-time low of P62.69 against the greenback in intraday trading, before clawing back up at the close of trade.
The peso previously closed at a record low of Php62.40 against the US$1 the previous day, September 1.
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| The HKD which is pegged to the USD is close to hitting 8:1 to the peso |
Bangko Sentral ng Pilipinas Governor Eli Remolona had earlier said that the central bank was monitoring the foreign exchange market, after the Philippine peso breached the Php62 barrier. It sank to Php62.265 vs the US dollar on Friday, Aug 28.
The weakened peso means the price of imported commodities like oil will rise even more, which in turn could push up inflation and local prices.
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| Basahin ang detalye! |
Conversely the stronger dollar will initially benefit families of overseas Filipino workers who will get more peso for their dollar. But the rising prices in the country could also trim their purchasing power.
