Covid-19 pandemic: Philippine peso remains stable

MANILA: The Philippine peso continued to be one of the most stable currencies in Asia as the region is recovering from the Covid-19 pandemic, the country's Department of Finance (DOF) said on Sunday.

DOF chief economist Gil Beltran said the peso depreciated by 5.39 per cent in 2021, ending the year at 50.77 pesos to the US dollar, reports Xinhua news agency. "It is ranked the eighth among 11 Asian currencies, in terms of strength, in one of the most open and fastest recovering economies in the world," Beltran said. He said three currencies, including the Japanese yen, the Thai baht, and the South Korean won, depreciated faster. Beltran added the peso was one of the strongest Asian currencies in 2022, ranking second to the Vietnamese dong.

"Strong macroeconomic fundamentals continue to support the peso, despite external headwinds from tighter monetary policy actions by the US Federal Reserve and inflationary pressures from heightened global fuel prices," he explained. IANS

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