Philippine peso 2nd strongest currency in SEA, Dept of Finance reports

Philippine peso 2nd strongest currency in SEA, Dept of Finance reports

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 (DOFannounced that the Philippine peso is the second-strongest currency against the US dollar among its peers in Southeast Asia, next to the Thailand baht as of July 2019.

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“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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