News » Philippine Peso closes at PHP57 vs USD, hits 17-year low

Philippine Peso closes at PHP57 vs USD, hits 17-year low

The Philippine Peso (PHP) continues weaken as it plummeted to PHP57 versus the US Dollar (USD), a recorded 17-year low, on Tuesday. 

On Monday the Philippine Peso closed at P56.9 versus USD.Volume reached $812.19 million on Tuesday, lower than the $976.45 million in the previous session.

The Philippine Statistics Authority explained how this translates to Filipinos’ daily lives. According to PSA’s Chief Statistician Claire Dennis Mapa the could greatly affect inflation and would weaken the local currency’s purchasing power. 

“Strong dollar versus the peso has an impact on the items in the consumer price index,” explained Mapa.

He pointed out that imported goods like petroleum, which are purchased with dollars, may impact local pump costs and, consequently, inflation.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 350+ podcast episodes, and a comprehensive directory with 900+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.