WHAT NOW, WEDNESDAY | Why the Peso is Sliding Toward ₱60 — And What it Means for Every Filipino
TAGUIG CITY (MindaNews / 18 March) — The Philippine peso is quietly approaching a level many Filipinos once thought was unimaginable: ₱60 to one U.S…
WHAT NOW, WEDNESDAY | Why the Peso is Sliding Toward ₱60 — And What it Means for Every Filipino
TAGUIG CITY (MindaNews / 18 March) — The Philippine peso is quietly approaching a level many Filipinos once thought was unimaginable: ₱60 to one U.S. dollar. As of this week, the exchange rate has climbed to around ₱59.59 per dollar, putting it within striking distance of that psychological threshold. For many people, this number may appear abstract—just another figure on a financial news ticker. But behind that number lies a story about how the Philippine economy interacts with the rest of the world. To understand what is happening, we must first understand what the exchange rate represents. At its core, the value of the peso is determined by supply and demand for dollars. When more dollars are needed than pesos available, the peso weakens. When more dollars flow into the country, the peso strengthens. Right now, several forces are pushing the peso downward. First, the Philippines continues to import far more than it exports. The country buys oil, food, machinery, vehicles, and ...
