Economics
The Philippine Peso’s Resilience Is a Risk to the Economy
- Peso among 2 emerging currencies that haven’t fallen this year
- Economy is forecast to contract in 2020 as pandemic takes toll
Photographer: Seong Joon Cho/Bloomberg
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The Philippine peso’s resilience to the global pandemic poses a risk to an economy that is forecast to contract in 2020, with the currency expected to remain largely stable by the end of the year.
The peso is one of only two emerging currencies that haven’t suffered losses this year, with declines exceeding 20% in some of its peers like in Brazil and South Africa. The local currency is projected to end the year at 51 per dollar, according to the median of April estimates in a Bloomberg survey. It climbed to as high as 50.40 on Thursday, the strongest level since January.