After the Indonesian Rupiah and the Malaysian Ringgit, the Filipino Peso starts to show weakness and is losing ground against most currencies since last week.
On Monday, the local currency felt to almost 47.20 Peso to one US dollar, its lowest level in six years. Since January 1st 2015, the Philippino Peso lost 5.5% in value, a relatively moderate decline of 5% compared to other regional currencies.
The Malaysian Ringgit is the worst performing currency so far this year, down by over 25% compared to January 1st, 2015 followed by the Indonesian Rupiah, down by almost 10% during the same period.
“More or less, it’s a regional move,” Bank of the Philippine Islands economist Nicholas Mapa declared to local newspaper Manila Times. “Even against major currencies, the dollar was stronger,” he added.
Regional currencies were affected by strong US jobs data, which boost expectations for a Federal Reserve interest rate hike in December.China weak economic performance continues to undermine the appeal of Asian currencies. The Filipino Peso could reach before the end of the year 48 Peso for a dollar.