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Philippine Peso Slumps to One-Year Low as Import Demand Surges

Free Food Pantries Sprout in Philippines with Virus Lockdown
Photographer: Veejay Villafranca/Bloomberg

The Philippine peso dropped to its lowest level in more than a year amid rising volatility and a spike in imports and oil prices.

Yet analysts expect the recent weakness -- which has made the currency the worst performer in Asia over the past month -- may not last.