It is the Peso’s weakest day in more than a year.
On Tuesday, April 16, the exchange between the US dollars and Philippine peso closed at $1 to ₱57.00, which showed the latter sinking to its lowest point in almost 17 months.
It is just 34 cents higher than the November 22, 2022 closing, when a dollar was worth ₱57.345.
Today’s exchange is also 19 cents lower than yesterday, April 15, when the USD to PHP conversion was at $1 to ₱56.81.
The continued weakening of the Philippine peso, which is now on its fifth consecutive trading day, is said to be a ripple effect of the ongoing conflicts around the world.
Particularly in the Middle East, where the Israel-Hamas war in Gaza and the recent heightening of tensions between Israel and Iran are occurring.