Philippine Peso (PHP)

The Economic Times  Apr 22  Comment 
Most emerging Asian currencies slid on Friday to cut some their gains for the week, as the dollar made broad gains after the European Central Bank chief reasserted his readiness to provide further stimulus for the euro zone economy if necessary.
The Economic Times  Mar 14  Comment 
With the Fed widely expected to hold off from raising interest rates this week, the focus will be on Fed policymakers' projections on the possible pace of Fed rate hikes.
The Economic Times  Mar 2  Comment 
The Philippine peso hit a seven-week high of 47.230, pulling away from a 6-year low of 48.000 set in late January.
Finance Asia  Nov 25  Comment 
Investors are increasingly prepared to take raw Philippine-peso risk, according to a survey of bond buyers conducted by FinanceAsia, Citi and BPI Capital.
Finance Asia  Nov 24  Comment 
Investors are increasingly prepared to take raw Philippine-peso risk, according to a survey of bond buyers conducted by FinanceAsia, Citi and BPI Capital.


The chart at left shows the USD/PHP currency pair; the number of Philippine Peso equivalent to 1 U.S. Dollar (USD).

The Philippine Peso can be considered a highly volatile currency. Since the beginning of the global crisis in 2008, it has lost 40% of its value, compared to its highest level. In 2009 it has regained some value in the context of improving economic conditions.

The PHP is under the pressure of recurring trade deficit that the Philippines has recorded for years. As of end 2009, the central bank (Bangko Sentral ng Pilipinas, BSP) estimated a Goods and Services Trade Deficit of $7.4 billion.

However, remittances from Overseas Filipino Workers (OFWs) allow the Balance of Payments to remain positive and provide the BSP with high levels of foreign reserves. Indeed, while FDI and capital inflows can be very volatile, remittances have proven their regularity and steadily increased year after year. In 2009, the BSP estimates that OFWs remitted over $16.6 billion during the year. This allowed the BSP to accumulate over $35 billion in foreign reserves, which covers 8 months of imports.

The BSP has stated that variations of the PHP weren't a major concern and given the level of its reserves, it has plenty room to protect its currency if the need arises.

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