Peso still among most stable currencies in Asia

The peso remained one of the most stable currencies in Asia last year despite the economic crisis brought about by COVID-19, according to the Department of Finance.

In his latest economic bulletin, Finance Undersecretary and chief economist Gil Beltran said the peso settled in the middle of the pack among the nine currencies in Asia that maintained their value against the dollar as of end-2020.

The local currency appreciated by 5.2 percent to 48.03 against the dollar from the end-2019 level of 50.66, ranking fourth in the region after the Taiwanese dollar, Chinese yuan and Korean won, which all appreciated by at least six percent.

Beltran said, “Despite the rising risks in the global economy, heightened by the spread of COVID-19, the collapse of global markets, the extreme volatility in currencies and the downgrading of credit ratings of many economies, the Philippine peso remained firm, appreciating from year-end 2019 level.”


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