The Philippine peso hit a 19-month low for the third consecutive trading day on Wednesday, following the release of local economic data that showed consumer prices grew at six-month high pace in May.The local unit lost 7 centavos to close at P58.78:$1 from Tuesday’s finish of P58.71:$1. This is the worst showing since November 3, 2022’s finish of P58.80:$1.The depreciation comes after the Philippine Statistics Authority reported May inflation at 3.
ASEAN economist Aris Dacanay said at a separate briefing in Taguig City.Dacanay cited the current account deficit, the elevated inflation, and hike rates by the Federal Reserve in 2022, factors which he said are no longer present.“Those things aren’t happening today, so I do think that even without the BSP intervention… it’s much better for it to support the peso and to basically not reach that , hopefully,” he said.According to BSP governor Eli Remolona Jr.
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Philippine peso edges closer to record lowThe Philippine peso is trading precariously close to its all-time low against the US dollar.
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