MANILA – The Philippine peso continued its downward path against the US dollar Friday but a central bank official said there is nothing unusual in this, given the uncertainties in the global economy.
The peso finished at 48.33 against the greenback Thursday and declined further to 48.49 in the morning session Friday.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo however told reporters that the peso’s recent performance is not unique and is the norm in the region.
”In fact, there are more of those that weakened than strengthened,” he said.
Guinigundo said what is important is that the country’s fundamentals remain strong and will continue to back the local unit.
”The macroeconomic fundamentals haven’t changed,” he said.
The central bank’s peso assumption for this year is a range of 45 to 48.
Guinigundo said this range will be reviewed along with the assumption for the balance of payment (BOP) position, current account position and other economic assumptions in November./Joann S. Villanueva (PNA)