I wonder when would the appreciation would stop. It has to stop at 40. It must. I for one, have lost 1500 pesos for every 100 dollars that I earn. Calculating the losses, for every thousand dollars, I would have lost 15,000 pesos a month in exchange rates. I was saving 1000 dollars a month, way back, when I was working in KSA. Fifteen thousand pesos loss a month is no joke.
The government must do something. On the news today from PDI:
The Philippine peso climbed to a fresh high against the US dollar in almost eight years in early trade Wednesday, extending its rally amid speculation the Bangko Sentral ng Pilipinas, the country’s central bank, would tolerate a strong local currency to keep inflation in check.
But the BSP was believed to be intervening "to smooth out volatility," said Lito Biacora, chief trader at the Bank of the Philippine Islands.
The peso climbed to as high as 40.61 per dollar after opening at 40.70, stronger than Tuesday's close of 40.75.
"With the break of the 40.80 level, we expect a test of 40.50," said Metropolitan Bank & Trust Co in a note.
The peso would have appreciated much more without the central bank's defense of the dollar at various levels, traders said.
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The Central Bank has to do more to curb the rise of the Peso. I appreciated the Pesos rise from 55 to around 50 last year. But, now that it is reaching 40! it has become a nightmare. This is already too much, and people like me can only bear this appreciation to some extent. It is already ruining many people and many OFW remittance dependent families.
How do we devaluate the Peso? Any suggestions?
The government must do something. On the news today from PDI:
The Philippine peso climbed to a fresh high against the US dollar in almost eight years in early trade Wednesday, extending its rally amid speculation the Bangko Sentral ng Pilipinas, the country’s central bank, would tolerate a strong local currency to keep inflation in check.
But the BSP was believed to be intervening "to smooth out volatility," said Lito Biacora, chief trader at the Bank of the Philippine Islands.
The peso climbed to as high as 40.61 per dollar after opening at 40.70, stronger than Tuesday's close of 40.75.
"With the break of the 40.80 level, we expect a test of 40.50," said Metropolitan Bank & Trust Co in a note.
The peso would have appreciated much more without the central bank's defense of the dollar at various levels, traders said.
------------
The Central Bank has to do more to curb the rise of the Peso. I appreciated the Pesos rise from 55 to around 50 last year. But, now that it is reaching 40! it has become a nightmare. This is already too much, and people like me can only bear this appreciation to some extent. It is already ruining many people and many OFW remittance dependent families.
How do we devaluate the Peso? Any suggestions?
