The Philippine Peso continues to appreciate in value, yesterday reaching its highest level for the past 39 months when it breached the PHP 41 barrier. The peso closed yesterday at PHP 41.925, 21.5 centavos higher than previous day’s closing of PHP 42.140.
Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. claims that the foreign exchange market would continue to be volatile due to the developments in the US and Europe economies in the next few months.
Tetangco further notes that the positive sentiments towards the country by investors and other economies could have fueled the appreciation of peso as well.
Many analysts moreover, claims that the movement in the currency is mostly because of the US debates on their national debt and government spending.