June 21, 2022
MANILA, Philippines — The Philippine peso on Monday breached the 54-per-dollar mark, closing at 54.065, based on the Bank Association of the Philippines’ (BAP) foreign exchange summary.
This came just a few days after the Philippine peso closed at 53.75 against the US dollar, its weakest value since October 2018.
With this, the local currency’s continued depreciation further confirms international banks and economic consultancies’ predictions, citing a widening trade deficit.
In fact, the Philippine peso was only expected to weaken to 53.50:$1 by June.
INQUIRER.net had already contacted the Banko Sentral ng Pilipinas (BSP) for a comment but has yet to receive a response as of writing.