PH peso among Asia’s weakest

The Philippine peso is emerging as one of Asia’s most vulnerable currencies as deepening global oil crisis exposes the nation’s heavy reliance on imported energy and lack of government subsidies, according to DBS Bank Ltd.

- DERCO ROSAL

In a commentary published Friday, March 27, DBS strategists said the peso is expected to underperform in foreign exchange markets alongside the Indian rupee, which recently hit a record low. The peso also plummeted to an all-time low Friday, finishing at 60.55 per dollar.

Like India, the Philippines is grappling with vulnerabilities from oil price shocks that have driven the currency to unprecedented weakness, according to DBS senior currency strategist Philip Wee and credit strategist Chang Wei Liang.