THE BANGKO SENTRAL ng Pilipinas (BSP) on Wednesday said the peso depreciation has been fueling inflationary pressures, adding that this strengthens the case to “act decisively.” READ:
THE BANGKO SENTRAL ng Pilipinas on Wednesday said the peso depreciation has been fueling inThe Philippine peso closed at P58.965 against the dollar on Wednesday, losing 10 centavos from its P58.865 finish on Tuesday. This is just 3.5 centavos away from the local currency’s record close of P59 on Oct. 10.
“But the peso depreciation, while remaining in line with regional peers, has been adding to the buildup of inflationary pressures. This strengthens the case to act and to act decisively,” he added.nancial markets around the world have been disrupted by the strong US dollar, which has caused other currencies such as the peso to depreciate.Headline ination quickened to 6.9% in September after easing slightly to 6.3% in August from 6.4% in July.
UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion welcomed the BAP’s statement, saying this is a step in the right direction. “I have seen this cooperation among ASEAN countries and cooperation within these economies should also be a welcome development especially during uncertain times,” he added.
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