FILE PHOTO
MANILA, Philippines — The Philippine peso on Monday breached the 54-per-dollar mark, closing at 54.065, based on the Bank Association of the Philippines’ (BAP) foreign exchange summary.
This came just a few days after the Philippine peso closed at 53.75 against the US dollar, its weakest value since October 2018.
READ: Peso under pressure to further weaken
With this, the local currency’s continued depreciation further confirms international banks and economic consultancies’ predictions, citing a widening trade deficit.
In fact, the Philippine peso was only expected to weaken to 53.50:$1 by June.
INQUIRER.net had already contacted the Banko Sentral ng Pilipinas (BSP) for a comment but has yet to receive a response as of writing.
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