GOOD NEWS: Philippine Peso Bounces Back To Become 2nd Best Performing Currency In Asia!
The Philippine Peso makes a comeback becoming Asia’s 2nd best performing emerging market currency, after being on its lowest levels for 10 years.
This was because of the flock of foreign investors tempted by the rising economic growth of the country.
According to data from Bloomberg, the Philippine currency rose against the US dollar by 1.48 percent this April becoming 2nd only to the Japanese yen and defeating India’s rupee, Malaysia’s ringgit, Indonesia’s rupiah, Singapore’s dollar and Thailand’s baht by a shallow margin.
“The peso has risen,” BDO Unibank chief market strategist Jonathan Ravelas said. “Funds are coming back. What’s driving the optimism in the Philippines is a series of good news.”
“The government has also signaled that it’s spending and committed to build build build,” Ravelas said, referring to President Rodrigo Duterte’s P8-trillion plan to rebuild the country’s creaking infrastructure that has held back growth.
“The Philippines is still one of the strongest economies. We’re still growing from last year,” Ravelas said.