PHL Peso Hits 10-Year Low

The Philippine peso has hit a 10-year low.

On Monday, Feb.

27, one U.

S.

dollar equaled 50.

27 pesos — it's lowest value since hitting 50.

32 in September 2006.

On Friday, the peso closed at a weak at 50.

21 pesos to a dollar and plunged further in the following days.

Diwa Guinigundo, deputy governor of the Bangko Sentral ng Pilipinas, said the exchange rate movement could be due to a rate hike in the U.

S.

set for next month and new policies adopted by the Trump administration.

Joey Cuyegkeng, ING Bank Manila chief economist, said local political uncertainties have also influenced the weakening peso.

He said, "Political developments.

result [in] cautious views tending to favour [the] U.

S.

dollar rather than the peso.

" Meanwhile, the inflation rate in the month of February was up to 1.

2 percent higher than in January, reportedly due to higher prices of oil, fares and electricity.

For NewsBeat Social, I'm Cambrie Caldwell.

Source: Youtube

PHL Peso Hits 10-Year Low

On Feb. 27, the exchange rate hit 50.27 Philippine pesos to a U.S. dollar