The peso moved closer to the 45:$1 mark as it dropped to a nine-month low against the dollar last Monday, with a month-end demand for foreign exchange depressing the local currency amid jitters over inflation and oil prices. The currency opened 44.80 to a dollar last Monday, dipping as low as 44.93, before closing at 44.90. The peso which previously closed to 44.79 last Friday fell to its weakest since October 2007 when it closed 44.95 to a dollar. Traders said they expected the peso moved towards 45 per dollar in the near term and were watching the authorities to support the currency. The market was edgy over the rising of inflation rate that analyst said could force BSP to raise its rate of response. Traders said the horizon clouded even more as oil prices are kept on increasing. A strong peso could diminish the impact of soaring oil prices but its continued decline is expected to fuel even stronger inflationary pressures.
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8 comments:
This situation answers the question "Why is the Philippines poor?"
Since the Philippines greatly relies on OFW remittances to improve the Peso value, and OFW remittances greatly increases during Christmas and Graduations, we just have to wait for the next Christmas for the Peso value to increase again. hahaha ^_^
This just shows that our country's inflation rate is at its worst.
grbe!! kya lalo humihirap ang pilipinas e! nhihirapan na nga ang maraming pilipino na magkaroon ng maayos na hanap buhay tapos aakyat pa mga oil prices! nu byan!
Tsktsktsk. What's happening to the country? Tsk. Tsk.
This is bad news however most of the Filipinos don't care. By most I mean the poor people. The poor peole, which comprises a huge portion of the archepalago, are not directly affected by the rate of peso to dollar.
Looking back towards the first quarter of the year, the Peso has improved compared to how it was last year (more or less at the average of P55 to a dollar).. This shows how much improvement the country attained in economy. But today, it's otherwise. Oil prices are contributing greatly to this. This must be solved. If we were able to improve months ago, it is possible to rise up again!
i agree that the weak peso right now is causing inflation in our country thus making our people suffer. but this is also good news for the OFW for they depend on a weaker peso so that the money they send to their family will be much more than a stronger peso.
it was really good news to Korean.
Most of us exchange the dollar to the pesos but since few month ago, it is decreasing as low as 40. almost 3 years ago, it was 54. decreased by 14.. but last few weeks, it was increasing by 45. it was really good news to us.
but.. now its decreasing again :(
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