Peso weakens at faster pace in region

Investor sentiment weakened the peso against the US dollar at a faster pace than most other regional currencies during the first 100 days of the Duterte administration.

But for the Department of Finance, President Duterte enjoying high satisfaction ratings in surveys thus far meant most Filipinos were “apparently oblivious” to “undue political noise” and adverse publicity against President Duterte.

Bangko Sentral ng Pilipinas data provided to the Inquirer showed that during the period July 1 to Oct. 4, the peso depreciated 2.72 percent against the greenback.

The peso traded at 46.95:$1 on July 1, but slid to 48.26 on Oct. 4. Last Friday, the local currency closed at 48.305 to $1 at the Philippine Dealing System, the weakest since Sept 15, 2009’s 48.335:$1.