Peso now at P54:$1
A fresh 12-year low has been breached.
The Philippine peso continues to take a beating on Wednesday, Sept. 12 as it closed at P54.13 against the dollar, marking the weakest since December 2005.
The local currency depreciated coming from the previous day’s closing rate of P53.94, and even touched P54.14 as its worst showing for the day. This comes a day after the release of external trade data, which bared a wider deficit due to ballooning imports.
Meanwhile, exports of Philippine-made products stood flat versus last year in July, according to the Philippine Statistics Authority.
Overseas Filipino workers win but local producers and consumers lose in this scenario.