FOREIGN CURRENCY An employee at a money exchange shop on A. Mabini Street in Manila accepts a hundred-dollar bill from a customer so it can be converted into pesos. INQUIRER file photo / LYN RILLON
MANILA, Philippines — The exchange rate for 2023 to 2028 is projected at P51 to P55 against the US dollar, the Development Budget Coordination Committee (DBCC) reported Friday.
In a press briefing, the DBCC presented its medium-term macroeconomic assumptions and fiscal program for the duration of the Marcos administration.
Among those tackled was the projection for the PHP-USD (Philippine Peso-US Dollar) exchange rate.
“The PHP-USD exchange rate assumption for 2023 to 2028 is projected at P51 to P55 against the USD due to heightened global uncertainty such as the aggressive monetary policy tightening by the US Fed, market aversion amid Russia-Ukraine conflict, and increased global oil prices,” Budget Secretary Amenah Pangandaman said.
On Thursday, the Philippine peso closed at 56.06 against the US dollar.
This was the peso’s weakest in nearly 17 years or since the local currency closed trading at 56.295:$1 on September 27, 2005.
READ: Peso falls through 56:$1 level