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Philippine peso nears critical 58-per-dollar mark amid regional currencies sell-off

The country – which was last year’s top Asean performer with the fastest growth – has seen its currency take one of the worst hits from increased volatility as Fed rate cut expectations are adjusted

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Goh Ruoxue

Goh Ruoxue

Published Mon, Apr 29, 2024 · 05:00 AM
    • A weak currency spells trouble for local consumers and businesses in the Philippines, especially since the country is a net importer.
    • A weak currency spells trouble for local consumers and businesses in the Philippines, especially since the country is a net importer. PHOTO: EPA-EFE

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    THE Philippine peso, currently at a fresh 17-month low, has declined on a par with the regional average amid a sell-off in South-east Asian currencies. Although the Philippines’ central bank is not widely expected to intervene, analysts warn that pressure could mount if the currency significantly underperforms its peers.

    The peso has tumbled more than 4 per cent this year and was hovering around 57.8 against the US dollar last Friday (Apr 26) amid still higher-for-longer interest rates and escalating geopolitical tensions.

    At current levels, the beleaguered currency is dangerously close to a key 58 mark, which it last traipsed past in September 2022 when the United States Federal Reserve lifted rates by 75 basis points to tame inflation.

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    Asean BusinesspesoPhilippinesBangko Sentral ng PilipinasCurrencies

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