Philippine peso falls to three-year low on Fed, election worries

MANILA (Bloomberg): The Philippine peso dropped to the lowest level in almost three years ahead of the Federal Reserve policy meeting and as the presidential election approaches.

The peso fell as much as 0.3% to 52.505 per dollar on Wednesday (May 4), the weakest since August 2019. The Fed is expected to raise rates by 50 basis points on Wednesday, something it hasn’t done since May 2000. The Philippines is set to hold elections on May 9.