July 09, 2020 at 07:45 pm
Julito G. Rada
The peso remains one of the most stable Asian currencies despite the rising risks heightened by the onslaught of the COVID-19 pandemic that impacted global financial markets since the early part of the year, the Department of Finance said Thursday.
Finance Undersecretary and chief economist Gil Beltran said in an economic bulleting that as of July 8, 2020, the peso ranked first this year among the four currencies in Asia that maintained their value against the US dollar.
“During the year, the peso appreciated by 2.21 percent relative to the dollar, ranking first among Asian currencies including the Hong Kong dollar, Taiwan dollar and Japanese yen which appreciated by 2.07 percent, 1.68 percent, and 0.87 percent, respectively,” Beltran said.
“Despite the rising risks in the global economy, heightened by the spread of the COVID-19, the collapse of global markets, the extreme volatility in currencies and the downgrading of credit ratings of many economies, the Philippine peso remained firm, appreciating from the year-end 2019 level,” he said.