Peso on a 12-year low at P52.70:$1
The peso remains the worst performer among Asian currencies.
The Philippine peso sustained a three-day losing streak on Friday, May 25 to end the week at P52.70 against the dollar. This is the worst showing of the currency since July 2006, and is the weakest performance after the 2008 Global Financial Crisis.
The movement is largely due to a stronger dollar, Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo told ABS-CBN News.
Exporters and overseas Filipino workers win, but importers have more to pay.