The Philippine peso.
PHOTO BY ARCHIVE
MANILA – The Philippine peso has outperformed its regional peers, strengthening around 4 percent against the US dollar to become Asia’s best performing currency this year.
“The Philippine Peso continues to outperform regional peers.. due mainly to the substantial drop-off in imports, and we can expect this trend to continue going into 4Q 2020,” said Nicholas Mapa, senior economist for the Philippines at global market news website ING.
Mapa said a steep decline in imports led to a boon to the Philippine peso.
The Philippines went through one of the world’s longest lockdowns as a precautionary measure against coronavirus. This led to a big decline in demand for imports.
Analysts have not ruled out the possibility of the Philippine peso further strengthening, particularly if imports remain weak while demand for exports picks up.
“This combined with continued US dollar weakness and positive investor sentiment around (emerging market) assets, could see the peso appreciate through 2021 as well,” Mapa said. ICA/Expat Media
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