[In This Economy] Peso approaches P60 per dollar once more. So what?

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What this basically means is that increasing uncertainties worldwide are pushing investors to put their money in dollar assets, which are safer than if they invest elsewhere . Recall that in 2022, former BSP governor Benjamin Diokno drew a line in the sand and committed never to reach P60 per dollar. The BSP thenThe question now is whether the BSP will again tap our foreign reserves to defend the peso once more.the market with dollars “in small amounts.” At the same time, he gave assurances that despite these measures we’re nowhere near running out of international reserves. We have more than enough supply of dollars.

Another implication of the weaker peso is that the BSP will take longer to bring down its policy interest rate, or the rate that orchestrates interest rates throughout the Philippine economy. But if it holds on to high interest rates, that will limit the extent of spending growth in the economy. Growth might suffer.

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