SECTOR: Economy
SONA YEAR: 2022
Attain PHPX at between 51 and 53 per US dollar
PROMISE STATUS - DATE: In progress as of 07/17/2023
- The peso-dollar exchange average for 2022 failed to reach Marcos’ goal. According to BSP’s data, the average peso exchange rate for 2022 was at P54.48 per U.S. dollar compared to only P49.25 in 2021. In October 2022, the peso fell at an average of P58.82 to the dollar, the highest monthly average recorded based on BSP’s data.
- For the first six months of 2023, the average peso exchange rate was at P55.25 per U.S. dollar. As of July 5, the peso exchange rate closed at 55.37, according to the Bankers Association of the Philippines’ data.
- In June, the Development Budget Coordination Committee narrowed its peso-dollar exchange rate assumption to P54 to 57, compared to the P53 to 57 projection in April.
- Businesses expect that the peso will depreciate against the U.S. dollar in the second quarter of 2023, but may appreciate in quarter three and the next 12 months, a June BSP survey showed.