Philippine Peso (PHP)

Reuters  May 31  Comment 
Investors increased bearish bets on most Asian currencies in the past two weeks, with short positions on the Philippine peso at the highest since 2008, as rising oil prices and turmoil in Italy dampened appetite for riskier assets, a Reuters poll...
The Economic Times  Dec 27  Comment 
The peso was up 0.3 per cent and hit its highest since mid-June after the four-day Christmas holiday.
Reuters  Nov 28  Comment 
Most Asian currencies were slightly firmer on Tuesday, and the Philippine peso topped a three-month high, with the dollar largely flat ahead of a possible Senate vote later this week on U.S. tax reform - a key legislative contest for the Trump...
The Economic Times  Oct 25  Comment 
Among Asian currencies, the Philippine peso led losses, weakening as much as 0.43 per cent to 51.76, its lowest against the dollar since July 2006.
The Economic Times  Oct 5  Comment 
The Philippine Peso was slightly lower with the upbeat U.S. data and heightened chances of a Fed rate hike at the end of the year weighing on the currency.
The Economic Times  Aug 18  Comment 
On the week, though, the won gained 0.2 percent, snapping three weeks of losses.
Reuters  Aug 7  Comment 
Philippine construction firm Teravera Corp is planning to raise a fourth dollar loan in a year, after borrowing around $2.5 million to buy dozens of excavators, road rollers and dump trucks from China, South Korea and Japan.
The Economic Times  Jul 24  Comment 
In Asia, the Taiwan dollar inched up as much as 0.2 per cent while the Indian rupee and the Philippine peso slipped.
The Economic Times  Jul 13  Comment 
The Philippine peso gained 0.2 per cent, recovering a little from fresh eleven year lows it had hit this week.
Reuters  Apr 17  Comment 
REUTERS - Asian currencies rose on Monday as falls in the U.S. stock market and Treasury yields kept the U.S. dollar range-bound, and made regional currencies relatively more attractive bets.


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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