Skip to content
Subscriber Only

In a Good Year for Asia Currencies, Philippine Peso Is Unloved

  • Central bank declines to act over 3% fall against dollar
  • Current account deficit, war on drugs weighing on sentiment
Philippines Peso.
Photographer: Brent Lewin/Bloomberg
Updated on

Asian emerging market currencies have been having their best year since before the 2013 taper tantrum, bolstered by pace-setting growth rates and attractive yields.

But the Philippine peso has been left out of the party -- ironically after it held up better than peers including Indonesia’s rupiah back in 2013. Unless things change, it’ll be a fifth straight year of declines for the peso, which is down 3.4 percent so far in 2017 versus a 7.9 percent rise for Thailand’s baht.