The Philippines
is in good hands, economically speaking.
Economic fundamentals
of the country is very much sound, resilient and cope up with the ever changing
geo-political fluctuations it may come its way.
Recently, the
Department of Finance (DOF)
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| (Photo credit to owner) |
“As of July
2019, the Philippine peso ranked second among the top currencies in Southeast
Asia gaining strength against the US dollar,” the DOF said in its Economic
Bulletin.
The Philippine
peso closed at P50.89:$1 at the end of July , its best showing in nearly 18
months since closing at P50.84:$1 on January 26, 2018.
The Philippine peso appreciated by 2.82% against
the US dollar in January to July, following the Thailand baht which
strengthened by 4.27%.
“Our relatively strong macroeconomic fundamentals
and lesser engagement in global value chains make the Philippine peso less
vulnerable to wild currency fluctuations,” Cid Terosa, dean of the School of
Economics at the University of Asia and the Pacific (UA&P) said.
According to the DOF, the Philippine peso was
among the most stable currencies in the Southeast Asian region during the
period, ranking 6th among 12 currencies.
“The main reasons for the peso’s growing strength
and stability are the country’s strong balance-of-payments (BOP) position and
rising Gross International Reserves (GIR),” the DOF said.
“Strong foreign exchange inflows from exports of
services, remittances, income from investments abroad, direct foreign
investments and foreign borrowing all contributed to the strong BOP position.
These, in turn, boosted the confidence in the Philippine peso,” it added.
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