The Philippine Peso remains strong against the US Dollar and is expected to be so until the end of 2020 and beyond amidst the effect of the global health crisis.
The Peso has been stronger compared to other Southeast Asian currencies such as the Chinese Yuan, Taiwanese Dollar, South Korean Won, and Japanese Yen. And the Bangko Sentral ng Pilipinas (BSP) expects the Peso to remain strong in the next months.
According to BSP Governor Benjamin E. Diokno, “the peso’s strength can be attributed to sound macroeconomic fundamentals characterized by a benign inflation environment, a strong and resilient banking system, prudent fiscal position and a sufficient level of international reserve buffer.”
Moreover, the safe opening of the economy, decrease in Coronavirus Disease 2019 (COVID-19) cases, and timely distribution of the COVID-19 vaccine will greatly help the PH Peso remain strong. A strong Peso means affordable import and consumer prices that will greatly aid the Filipinos affected by the pandemic. – Report from Naomi Tiburcio