Philippine peso bills | INQUIRER.net stock photo
MANILA, Philippines — The Philippines plunged further on Thursday closing at 54.7 against the greenback, according to the Bank Association of the Philippines’ (BAP) foreign exchange summary.
This puts the local currency at its weakest since November 11, 2005, when the Philippine peso closed at 54.71 versus the US dollar.
Despite this, the Bangko Sentral ng Pilipinas (BSP) during its Monetary Policy Stance press briefing on Thursday remained firm that the year-to-date Philippine peso average, which is currently at P51.98, is still in line with the Development and Budget Coordination Committee’s (DBCC) assumption of P51-P53:$1 for 2022.
“We can see that the recent weakening of the peso along with other currencies in the region is consistent with [the] more aggressive monetary policy normalization in advanced economies,…
