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Manila Bulletin devider devider Currency depreciation poses risk to PH – Moody's

Currency depreciation poses risk to PH – Moody's

Published May 28, 2018 12:00 am
By Madelaine B. Miraflor Moody's Investors Service said that the currency depreciation witnessed across Asia Pacific (APAC), especially in countries like the Philippines, in recent months poses risks to the region's emerging and frontier markets. “Sovereigns with high external financing needs are most exposed,” it added. Most currencies in APAC have depreciated against the US dollar this year, with the largest depreciations recorded in the key Asian emerging markets of India (Baa2 stable), Indonesia (Baa2 stable) and the Philippines (Baa2 stable). "In Indonesia and the Philippines, currency pressure will exacerbate already weak debt-affordability metrics. If associated with capital outflows, tighter financing conditions will have wider repercussions for the balance of payments." said Anushka Shah, a Moody's Vice President and Senior Analyst. "By contrast, India's low dependence on foreign currency to fund debt burdens limits the risk of a weaker currency transmitting into weaker debt affordability," she added. Nevertheless, Moody's pointed out that the extent of depreciation seen this year has been less pronounced than during the taper tantrum in 2013. Described as Asia’s worst-performing currency, Philippine peso closed at another near 12-year low to P52.70 per dollar last Friday. This was on the weight of geopolitical tensions and worries over a likely United States interest rate hike next month. It was the currency’s lowest close since a P52.74:$1 finish on July 19, 2006.
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