This, amid the effect of the global health crisis, the Bangko Sentral ng Pilipinas (BSP) said over the weekend.
“The peso’s strength can be attributed to sound macroeconomic fundamentals characterized by a benign inflation environment, a strong and resilient banking system, prudent fiscal position and a sufficient level of international reserve buffer,” BSP Governor Benjamin E. Diokno said in a report by PTV News Online.
The Peso has been stronger compared to other Southeast Asian currencies such as the Chinese Yuan, Taiwanese Dollar, South Korean Won, and Japanese Yen.
The BSP said it expects the Philippine currency to remain strong in the next months.
Moreover, the safe opening of the economy, decrease in COVID-19 cases, and timely distribution of the COVID-19 vaccine will greatly help the PH Peso remain strong.
A strong Peso means affordable import and consumer prices that will greatly aid the Filipinos affected by the pandemic. (PIA NCR)
By Lucia F. Broñio