Philippine Peso is Now The 2nd Best Performing Currency In Asia
The Philippine peso emerged as the second best-performing currency trailing behind Thai baht. Due to this, it is expected to remain as one of the most stable currencies in the region, according to the Department of Finance.
The main reason for the growing strength and stability of the Philippine peso is the country’s strong balance of payments (BOP) position due to strong inflows of remittances, foreign direct and portfolio investment, recovering export earnings among others.
In the latest financial bulletin of Finance Undersecretary Gil Beltran, the peso appreciated by 2.82 percent to close at 51.07 to $1 on July 31 from 52.52 to $1 on Jan. 1. Meanwhile, the same data showed that the Thai baht gained 4.27 percent to 30.95 to $1 from 32.26 to $1. The Indonesian rupiah was the third-best performing, appreciating by 2.69 percent to 14,002.5 to $1 fro 14,458 to $1.
On the other side of the spectrum, the South Korean won was ranked as worst-performing currency, depreciating by 6.65 percent to 1,184.88 to $1 from 1,119.10 to $1 followed by the Taiwanese dong that shed 1.75 percent to 31.08 to $1 from 30.79 to $1.
In terms of volatility, the Philippines maintains its spot at the middle of the pack of 12 countries in the region with a coefficient variation of 0.82 percent, which is lower than the 0.93 percent average in the region. The South Korean won was the most volatile currency followed by the Japanese yen, Thai baht, Chinese yuan and Indian rupee with 1.06 percent.
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