Philippine Peso’s Drop Past 57 Puts Pressure on Central Bank
- Peso falls to lowest since November 2022 as Fed to delay cuts
- Remolona said central bank has hardly been intervening
The peso dropped as much as 0.4% to 57.20 per dollar on Wednesday, the lowest since November 2022.
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The Philippine peso weakened past the closely watched 57-per-dollar level for the first time since late 2022, putting pressure on the central bank to join emerging-market peers in supporting their beleaguered currencies.
The peso dropped as much as 0.5% to 57.29 per dollar on Wednesday, the lowest since November 2022. Governor Eli Remolona on the same day said the central bank tends to allow currency adjustments to happen unless the movements are very sharp. On Monday, he said he’s comfortable with the peso’s current level and that the central bank has hardly been intervening in the foreign-currency market.