Tuesday, February 7, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Opinion Editorial

Peso free fall

Manila StandardbyManila Standard
September 23, 2022, 12:25 am
in Editorial, Opinion
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Foreign currencies are losing their value against the US dollar at every turn.

The euro, the Japanese yen, and the pound sterling are tumbling to multi-year lows against the mighty US currency, with no end in sight to the free fall.

The peso, too, sank to a new low of 58.49 against the US dollar yesterday from 58.00 the other day.

The major currencies are not also faring well. The euro is at a 20-year low of $0.9847 against the greenback yesterday, while the yen dropped to a low of 145.90. The sterling touched a fresh 37-year low of $1.1221.

A big number of money and stock market traders are dumping their investments and switching to dollar-based securities such as US Treasury Bills, which are now offering better returns. World stock markets are crashing as fund managers gravitate towards high-yielding US T-bills and other financial instruments denominated in the American currency.

ADVERTISEMENT

The US Federal Reserve Board, or central bank, has been boosting the value of the US currency through a series of aggressive interest rate hikes in its effort to tame spending and rising inflation.

The US Fed is not pausing in the fight against surging inflation—it will continue to raise the cost of borrowing money even if the rate hikes lead to a contraction of the American economy.

For developing nations like the Philippines, a weaker peso makes imports, including crude oil, costlier. It has the immediate effect of raising the pump prices of gasoline and diesel. Oil companies like Petron Corp. will have to shelve more pesos for the same single dollar to purchase crude in the world market.

The same is true with other imported commodities, like wheat and sugar, and gadgets like cell phones.

The Bangko Sentral ng Pilipinas, meanwhile, is resorting to interest rate hikes in its own battle against rising inflation, which is precipitated by the Russian invasion of Ukraine, high crude prices, and increased demand from a recovering global economy.

The Bangko Sentral will have to do a lot of monetary actions to neutralize the US Fed’s moves, meaning our own central bank must craft something to make the peso competitive with the US dollar and attractive again to money and stock market traders. Until then, the peso will remain wallowing in the depths.

Tags: Bangko Sentral ng Pilipinasforeign currenciesUS Treasury Bills
ADVERTISEMENT
Manila Standard

Manila Standard

Related Posts

Nearby security challenge

byManila Standard
February 7, 2023, 12:15 am
0
8
Nearby security challenge

Less than a week back, Pyongyang’s threat of “overwheling” nuclear force against Washington’s combined military exercises with rival Seoul was...

Read more

Will ICC probe stop Duterte & Bato accountability

byEmil Jurado
February 7, 2023, 12:10 am
0
8
Denying Villafuerte justice

"We, journalists, seek the truth and must be factual and balanced in reporting facts, always truthfully." Considering the Marcos administration...

Read more

A day of reckoning for Duterte et al.

byTony La Viña
February 7, 2023, 12:05 am
0
8
Denying Villafuerte justice

"The day of reckoning is coming for Duterte and others." On March 5, 2018, the Duterte government announced its withdrawal...

Read more

Restoring Pasig River

byMelandrew Velasco
February 7, 2023, 12:00 am
0
8
RSA: Mr. Malasakit, the environmentalist

"We too can show our love for our country by becoming good stewards of the country’s resources." First, the Tullahan...

Read more

Pro-poor programs

byManila Standard
February 6, 2023, 12:15 am
0
8
Pro-poor programs

With the current administration focused on achieving single-digit poverty level by the end of its term of office in 2028,...

Read more

In a pickle

byLito Banayo
February 6, 2023, 12:10 am
0
8
A crisis president

"It was so interesting watching Sen. Chiz tear down the contortions of the economic managers and their factotums in a...

Read more

Print Edition

View More

Recent Posts

  • Sneakers for Makati : AB4.0
  • SRP for onions set at P125/k
  • Massive 7.8 quake kills 2,300 in Turkey, Syria
  • Fishermen accuse Chinese boats of destroying reefs off Zambales
  • PH, US to hold military drills in April, AFP says
  • Hefty price cuts for diesel, gas, kerosene today
  • Comfort women issue won’t be raised in Tokyo visit
  • China: 2nd balloon in LatAm ours

Advertisement

Latest News

Hefty price cuts for diesel, gas, kerosene today

byAlena Mae S. Flores
February 7, 2023, 1:00 am
0
8
Medal of Valor

Oil firms gave consumers a hefty price rollback of as much as P3 per liter effective 6 a.m. Tuesday to...

Read more

Comfort women issue won’t be raised in Tokyo visit

byVince Lopezand2 others
February 7, 2023, 12:50 am
0
8
Zubiri new Senate President, vows to uphold chamber’s independence

Malacañang reiterated Monday that President Ferdinand Marcos Jr. will not raise the issue of World War II sexual slavery victims...

Read more

China: 2nd balloon in LatAm ours

byAFP
February 7, 2023, 12:40 am
0
8
Vax wastage, infection surge feared in Odette-hit areas

Beijing confirmed on Monday a balloon spotted flying over Latin America is Chinese, while the United States worked to recover...

Read more

Bantag faces new plunder, graft charges

byManila Standard
February 7, 2023, 12:30 am
0
8
Lakas adds Iligan solon, Aklan governor to roster

The Bureau of Corrections on Monday asked the Department of Justice (DOJ) to prosecute its suspended chief Gerald Bantag for...

Read more

PBBM: Kidney Institute to cut more disease deaths

byVince Lopez
February 7, 2023, 12:20 am
0
8
Massive 7.8 quake kills 2,300 in Turkey, Syria

President Ferdinand Marcos Jr. on Monday assured the National Kidney and Transplant Institute (NKTI) that the government would continue to...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App