Philippine Peso’s Haven Status Appears to be Quickly Evaporating
- Fitch downgraded nation’s growth forecast on virus concerns
- Investors wait to see if BSP cuts rates as more cases reported
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The Philippine peso is starting to lose its immunity from the coronavirus fallout.
The currency was the best-performing Southeast Asian currency last month on the perception the economy wasn’t as exposed to supply chain and trade pressures as some of its peers. The growth rate remained one of the highest in the region on the back of robust government spending and the recent oil price collapse was a boon given the country’s net importer status.