MANILA: The Philippine peso plunged further on Monday (Oct 19) to close a new record low of 63.09 pesos per US dollar, surpassing the previous record of 63.06 pesos set on Oct. 15, data from the Bankers Association of the Philippines showed.
The peso hit a record low for the 28th time this year, according to the association.
John Paolo Rivera, senior research fellow of the Philippine Institute for Development Studies, said the depreciation reflects persistent dollar strength, elevated oil prices, geopolitical uncertainty and increased demand for foreign currency.
Latest data from the country's central bank, Bangko Sentral ng Pilipinas, shows the balance of payments posted a deficit of US$9.1 billion as of the end of September, wider than the deficit of US$5.3 billion in the same period last year. The data reflects that more funds exited the Philippines. - Xinhua
