The Philippine peso’s foreign exchange rate remains mixed on currency markets and slid lower late last week as global economic fears in Europe and the US continue to play out in the Philippine economy.
The Philippine peso completed its first weekly decline in a month as signs the global economic recovery is faltering damped the outlook for Philippine exports.
Philippine Peso hit by US and Europe Problems
“The Philippine peso is weaker because it’s reflecting the developments in Europe and these concerns in the US.” said Jonathan Ravelas, chief market strategist at Banco de Oro Unibank Philippines’s largest lender by assets.
Middle East and Japan
Meanwhile, the Philippine economy may conservatively expand at around 5 percent this year, according to President Benigno Aquino said in Pampanga yesterday, citing tensions in the Middle East and problems in Japan as reasons for the slowdown.
Latest Philippine Peso Foreign Exchange Rates
As of the currency market close on Friday, one UK pound sterling bought 69.31800 Philippine pesos, while one euro exchanged 60.80250 pesos and one US dollar exchanged 42.96000 Philippine pesos.