The Philippine peso is the champion of emerging-market currencies
Relatively low external debts, high reserves and resilient remittances have kept it buoyant
IN MARCH PROSPECTS for the Philippine economy were darkening. The country’s combustible president, Rodrigo Duterte, had announced an immediate quarantine for the main island of Luzon and its 55m people. Bangko Sentral ng Pilipinas (BSP), the central bank, warned that the outlook was the worst since the Asian financial crisis of 1997-98. The currencies of other countries in the region were sinking as the world economy listed. But the peso barely budged (see chart). It is one of a handful of emerging-market currencies to have strengthened against the dollar this year. Its steadfastness says a lot about the resilience of the Philippine economy.
This article appeared in the Asia section of the print edition under the headline “A milder infection”
Asia July 25th 2020
- Even as India urbanises, caste discrimination remains rife
- The Philippine peso is the champion of emerging-market currencies
- Central Asian governments admit they have a problem with covid-19
- As crews grow old, Japanese shipping firms try to do without them
- In the South China Sea, America is churning waters claimed by China
From the July 25th 2020 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Asia
Taiwan’s political drama is paralysing its government
Domestic dysfunction plays right into China’s hands
An angry culture war surrounds Australia Day
Conservatives claim that wokeness is destroying the national holiday
The fate of a ranting driver raises doubts about the “new” Uzbekistan
It seems free speech is not so guaranteed after all
Indian politicians are becoming obsessed with doling out cash
Handouts are transforming the role of the state—perhaps for the worse
How to end the nightmare of Asia’s choked roads
The middle classes love cars but hate traffic
Can Donald Trump maintain Joe Biden’s network of Asian alliances?
Discipline and creativity will help, but so will China’s actions