{"id":155031,"date":"2018-03-03T01:01:42","date_gmt":"2018-03-03T06:01:42","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=155031"},"modified":"2018-03-03T01:01:56","modified_gmt":"2018-03-03T06:01:56","slug":"dof-cites-need-for-flexible-exchange-rate","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/03\/03\/dof-cites-need-for-flexible-exchange-rate\/","title":{"rendered":"DOF cites need for flexible exchange rate"},"content":{"rendered":"
\"shutterstock\"<\/a>
It traced the peso’s depreciation to correction after strengthening in the past years (Shutterstock photo)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0\u2013 The Department of Finance (DOF) cited the need for a flexible exchange rate to ensure that market players easily adjust to economic developments.<\/p>\n

This was stressed by the DOF in its economic bulletin that cited the latest movement of the local unit.<\/p>\n

Movement of the exchange rate \u201cshould not be taken as a sign of structural weakness in the economy,\u201d it said.<\/p>\n

\u201cIn an environment where macroeconomic fundamentals are sound — real GDP (gross domestic product) growth is higher than six percent, inflation is within projected levels, international reserves are in excess of eight months of imports of goods and services,\u00a0 BOP (balance of payment) and fiscal deficits are financeable\u00a0 and the debt ratios are declining, it is best that the exchange rate should move flexibly so that economic players are able to adjust promptly to market dynamics, thus sustaining economic growth,\u201d it said.<\/p>\n

In recent weeks, the peso registered another depreciation and touched the 52-level to a greenback as investors expect more hikes in the Federal Reserve\u2019s key rates, which in turn, boosted the US dollar.<\/p>\n

The bulletin, however, stressed that the local unit\u2019s movement is in line with its peers in the region as it maintains the economy\u2019s competitiveness and sustains its strong expansion.<\/p>\n

It traced the peso\u2019s depreciation to correction after strengthening in the past years.<\/p>\n

It said that after the local unit weakened against the dollar in 2004 and posting its strongest in 2007, the peso, as of February this year, has appreciated by 7.3 percent or from 56.27 to 52.16 against the US currency.<\/p>\n

It said that since 2004, the peso is the fifth most appreciated unit among 12 currencies in Asia, which posted an average depreciation of 5.65 percent.<\/p>\n

Citing data from the Asian Development Bank (ADB) and Bloomberg, the bulletin said the currency that posted the highest appreciation during the said period was China\u2019s renminbi at 23.55 percent followed by Singapore dollar, 21.60 percent; Thailand baht, 19.49 percent; and Taiwan dollar, 8.21 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0\u2013 The Department of Finance (DOF) cited the need for a flexible exchange rate to ensure that market players easily …<\/p>\n","protected":false},"author":33,"featured_media":45359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,43],"tags":[28569,11506],"class_list":["post-155031","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-stock-markets","tag-balance-of-payment","tag-department-of-finance","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/155031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=155031"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/155031\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/45359"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=155031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=155031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=155031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}