PH peso at its weakest since 2005 at 54.47:$1 | Inquirer News

PH peso at its weakest since 2005 at 54.47:$1

By: - Reporter / @zacariansINQ
/ 06:50 PM June 22, 2022

MANILA, Philippines — The Philippine peso has continued its slide against the dollar, closing at 54.47:$1 on Wednesday, according to the Bank Association of the Philippines’ (BAP) foreign exchange summary.

The local currency is at its lowest level in over 16 years or since Nov. 23, 2005, when the Philippine peso closed at 54.56.

ADVERTISEMENT

June 10 marked the day when the Philippine peso crossed the 53:$1 mark.

A further weakness of the peso could make imports more expensive for the country amid a COVID-19 pandemic and as it grapples with the rising price of oil caused by Russia’s invasion of Ukraine, making it harder for the Philippines to recover.

FEATURED STORIES

London-based think tank Capital Economics earlier predicted in an April 28 report that the Philippine peso will become one of the worst-performing Asian currencies from 2022 to 2024, depreciating to 54:$1 in 2022 and further to 55 against the American dollar by 2023 and 2024.

READ: UK think tank: Peso to fall to 54 per dollar this year

Meanwhile, the Banko Sentral ng Pilipinas (BSP) has stated that it will soon discuss the current state of the Philippine peso during the Monetary Policy Stance press briefing on Thursday — which will go live on its official social media pages at 3 p.m.

RELATED STORIES

PH peso continues to weaken, now at 54.265:$1

Trade gap may weaken peso to 54:$1 this quarter

je/abc
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: dollar, peso
For feedback, complaints, or inquiries, contact us.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.