THE Philippine peso dropped to 54.13 to the US dollar at the close of trading yesterday, a level not seen in about 13 years.
This was up slightly from the day low of 54.14 and the day’s weighted average of 54.009 on volume of $772.5 million, figures from the Bankers Association of the Philippines showed.
Emerging market currencies have been weakening amid the tit-for-tat trade spat between the United States and China.
And Philippine inflation coming in at a near nine-year-high of 6.4 percent in August hasn’t helped investor sentiment much.
Inflation surged after the implementation of the Tax Reform for Acceleration and Inclusion early this year that increased the excise tax on petroleum products and automobiles, and imposed an excise tax on sugar-sweetened beverages. (CTL)