Push Admin

Peso sinks to new record low, closes at P59 to $1 on Oct. 3

Article (news)

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Photo illustration of US dollar to PH peso exchange in this photo taken on September 30, 2022. Gigie Cruz, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/life/10/03/us-dollar-to-ph-file-photo.jpg"/><figcaption>Photo illustration of US dollar to PH peso exchange in this photo taken on September 30, 2022. <em>Gigie Cruz, ABS-CBN News</em></figcaption></figure></div><p>MANILA - The Philippine peso continued its losing streak against the US dollar, closing at yet another record low of P59 to $1 on Monday, Oct. 3.</p><p>Monday&#x27;s close was lower than the previous record of P58.99. </p><p>The currency briefly <a href="https://news.abs-cbn.com/business/09/28/22/peso-touches-p59-intraday-vs-extremely-strong-us-dollar">touched</a> P59.02 intraday on Sept. 28. </p><p>Further peso depreciation against the dollar is seen as the US Federal Reserve signals more rate hikes in the near term starting with its meeting in early November. The Bangko Sentral ng Pilipinas is also set to hold a monetary policy meeting on Nov. 17, which is a few weeks behind the Fed&#x27;s schedule.</p><p>BDO Capital President Ed Francisco said the Fed&#x27;s anticipated hike next month could prompt the central bank to implement another off-cycle interest rate hike ahead of its scheduled meeting to lessen the interest rate differential, which could affect the peso.</p><p>&quot;We would not be surprised if they do an off-cycle increase again because if the Fed FOMC (Federal Open Market Committee) will increase in November, when that happens, the peso might depreciate further. Hopefully not as much again because of the Christmas season,&quot; Francisco said.</p><p>The BSP in July implemented a 75-basis point off-cycle interest rate hike ahead of its scheduled meeting. So far, the BSP raised the benchmark rate to 4.25 percent to cool down inflation.</p><p>Interest rate hikes can also help in &quot;stabilizing&quot; the peso, BSP Gov. Felipe Medalla said. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/10/03/22/another-off-cycle-rate-hike-possible-for-bsp-analyst">Another off-cycle rate hike possible for BSP as Fed signals increase, analyst says</a></li>	<li><a href="https://news.abs-cbn.com/business/08/05/22/medalla-interest-rate-hikes-stabilizing-peso">BSP Gov. Medalla says rate hikes &#x27;working&#x27; in stabilizing peso</a></li>	<li><a href="https://news.abs-cbn.com/business/09/23/22/neda-bets-on-pamasko-remittances-to-stabilize-peso">Gov&#x27;t bets on holiday remittances, &#x27;pamasko&#x27; to stabilize peso</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe __idm_id__="38469634" allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2268817" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div> </div>

The Philippine peso continued its losing streak against the US dollar, closing at yet another record low of P59 to $1 on Monday, Oct. 3.