In line with its regional peers, the Philippine peso has weakened so far this year as the dollar continues to trend higher.
has lost around 2% against the greenback so far this year, while the Thai baht and Malaysian ringgit have weakened about 4% and 5.2% against the dollar, respectively.
He also attributed his confidence in the peso to the Philippines' relatively lower dependence on foreign debt today and its "hefty" pool of international reserves.Benjamin Diokno"I've been here before. And in the past whenever there is a crisis, we run out of dollars to service our foreign debt," Diokno said. "Now we're not heavily dependent on foreign debt.
Furthermore, the central bank governor said, foreign remittances from overseas Filipino workers — "easily around $30 billion a year" — have also given the Philippines access to a steady flow of foreign exchange not previously available. The outsourcing of business processes also adds another $30 billion to the foreign exchange flow, he said.
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