(UPDATE) THE Philippine peso continued to fall against the United States dollar, closing at P56.11 on Wednesday. Even after the Bangko Sentral ng Pilipinas (BSP) raised its key policy rate by 0.50 to 3.75 on Aug. 18, 2022, the Philippine peso-US dollar exchange rate kept declining. "We expect global monetary conditions to tighten further over the coming months, which will likely exert more depreciatory pressures on the peso," said Fitch Solutions. "This will likely prompt the BSP to hike interest rates to safeguard exchange rate stability," added Fitch Solutions. However, in an August 22 report, he mentioned that the US dollar-peso exchange rate "eased" from P56.45 record high matched July 12 and 14, 2022.

Source: Manila Times August 26, 2022 09:11 UTC