MANILA, Philippines- The downward trend of the Philippine peso against the US dollar continues as it plunges to the 12th all-time low for this year.
It slipped to P58.92:$1 this Friday.
Sinabi ni Rizal Commercial Banking Corp. chief economist Michael Ricafort na humina pa ang piso “after upward correction of the US dollar against major global currencies; after the latest hawkish signals from US Fed officials… which could partly determine the pace of future Fed rate hikes.”
Another reason for the decrease in the value of the local unit is the beating of global crude oil prices to new “three-week highs a day” after the Organization of Petroleum Exporting Countries (OPEC) Plus coalition agreed to reduce oil production output by two million barrels. per day to support oil prices, according to Ricafort.
Ricafort also warned that continued appreciation of the peso could lead to “higher prices of imports and overall inflation, thereby increasing the possibility of further local policy rate hikes, even a surprise/off-cycle local policy rate hike to help stabilize the peso as well as overall inflation.” RNT/SA
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