Philippine Peso ranks 2nd strongest currency in SEA

Published August 7, 2019, 11:07 PM

by Ellalyn De Vera & Richa Noriega

By Gabriela Baron

The Philippine Peso ranked second against the US dollar among selected Asian currencies, according to the Department of Finance.

(Taylor Weidman / Bloomberg / MANILA BULLETIN)
(Taylor Weidman / Bloomberg / MANILA BULLETIN)

It appreciated 2.82% versus the US dollar, next to Thailand Baht’s 4.27% from January to July.

The DOF said that the strong balance-of-payments (BOP) position of the Philippines and rising Gross International Reserves (GIR) contributed to the peso’s strength.

Strong foreign exchange inflows from exports of services, remittances, income from investments abroad, direct foreign investments, and foreign borrowing contributed to the strong BOP position as well.

The peso was among the most stable currencies in the region, ranking 6th among 12 currencies, the Finance department added.

However, according to a report by GMA News, the ongoing tensions between China and the United States could weaken the Philippine peso in the short term.

The Philippine peso is followed by Indonesian Rupiah, Indian Rupee, and Japanese Yen at 3rd, 4th, and 5th places.