QUEZON City, Philippines (Eagle News) — After seven years, the peso reached its lowest exchange rate against the United States dollar at Php 48.26 per $1.00. Budget Secretary Benjamin Diokno assured the public’s worry about higher inflation rate and said that the purchasing power of the peso remains.
The trading closed to P48.28 on Tuesday (September 27). Almost $525 million went to volume traded.
Earlier, Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said that the fall of peso was an effect of the uncertainty of the future policies of U.S. Federal Reserve.
Tetangco however added that the peso drop must not be a cause of upset for it will strengthen the spending power of the families of Overseas Filipino Workers.
