Yesterday , February 17, marks the weakest Philippine peso rate to a dollar for the past 10 years. Due to the proposed tax plan of President Donald Trump and possible higher interest rates, the Philippine Peso was closed at P50:$1.
From P49.970 on Thursday, it’s now up to P50:$1 today.
According to the Senior Economist of ING Bank Manila, this is the lowest in the past 10 years since November 11, 2006 in which the Philippine currency traded at P50.12 for a dollar.
Though this might serve as a great news to all OFWs earning dollars abroad, this will surely hit the Philippine economy, not less than next Month, this is according to Jean Angelo Dumalagan of the Land Bank of the Philippines.
Just this month, Trump made a promise to ease the burden of businesses through cutting off major tax.
Investors should also prepare for the coming risks that will soon partake.