With opposition politicians clamoring that “the end is near,” could the Philippine peso plummet to 60 per US Dollar? Why shouldn’t we American expats in the Philippines start to enjoy the generous exchange rate our British and European friends already have?
Food shortages and rising prices continue to plague the Philippines. 6.4% Philippines inflation hits 9-yr high. The Manila Standard reports that the rate of inflation in August catapulted from 5.7 percent in July
As this article goes to press at 10:30 am, June 13th, 2018, the exchange rate stands at 53.10 Philippine pesos to 1 US dollar. The Manila Times reports that Singapore-based bank DBS is predicting a fall to P54 versus the US dollar by the end of this year, 2018. Earlier forecasts posted in this website had predicted an even further decline of P56 to 1 USD by year’s end.
“Philippine Peso Hits Near 12-Year Low” is good news for expats who convert their US Dollars to the Philippine Peso. The Manila Times reports that the peso weakened to a near 12-year low anew on Thursday. One bank analyst attributed the peso’s decline to a central bank decision to cut bank reserve requirements.
Ben Kritz over at the Manila Times recently ran an opinion piece regarding the faltering Philippine peso. Kritz was reporting a recent Twitter feed from David Ingles, a commentator for Bloomberg.
A recent article in Bloomberg Businessweek recently reported some good news for expats in the Philippines. “Ph Peso Seen as Asia’s Worst Performing Currency 2018.”
The Philippine peso broke the 51 a dollar level Friday. The PHP closed at a fresh 11-year low against the US Dollar. Rising tensions between North Korea and the USA are said to have contributed to the peso’s demise. As this post was being composed, Saturday, Aug. 12th, 2017, the current rate stood at 1 USD = 51.06 PHP.