{"id":168392,"date":"2018-06-30T07:20:02","date_gmt":"2018-06-30T11:20:02","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=168392"},"modified":"2025-01-18T13:39:14","modified_gmt":"2025-01-18T18:39:14","slug":"dof-weakest-currencies-come-from-asias-fastest-growing-economies","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/06\/30\/dof-weakest-currencies-come-from-asias-fastest-growing-economies\/","title":{"rendered":"DOF: Weakest currencies come from Asia\u2019s fastest growing economies"},"content":{"rendered":"
\"In<\/a>
In its economic bulletin released on Friday, DOF data showed that those countries with weakest currency performance this year were from economies that registered the highest gross domestic product (GDP) growth in the first quarter of the year. (Pixabay photo)<\/figcaption><\/figure>\n

MANILA\u00a0— The Department of Finance (DOF) sought to allay domestic and foreign investors’ fears that the depreciating peso is dragging the national economy down with it.<\/p>\n

In its economic bulletin released on Friday, DOF data showed that those countries with weakest currency performance this year were from economies that registered the highest gross domestic product (GDP) growth in the first quarter of the year.<\/p>\n

Among the worst performing currencies in Asia since January this year include Indian rupee, which depreciated by 7.46 percent; Philippine peso, by 7.42 percent; Korean won, by 6.13 percent; and Indonesian rupiah, by 4.97 percent.<\/p>\n

But looking at the GDP growth of these countries during the first quarter of 2018, India\u2019s economy rose 7.7 percent, Philippines by 6.8 percent, and Indonesia by 5.1 percent. Aside from Asia, these countries recorded the fastest GDP growth rates in the world.<\/p>\n

\u201cExchange rate movements—whether depreciation or appreciation—should not be taken as a sign of structural weakness in the economy,\u201d the DOF economic bulletin noted.<\/p>\n

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\u201cThe exchange rate should move flexibly so that economic players are able to adjust promptly to market dynamics, thus sustaining economic growth,\u201d the DOF added, noting that foreign exchange rates are moving according to global risks and uncertainties.<\/p>\n

The DOF cited downside risks to Philippine peso, which include ongoing turbulence in financial markets due to trade war, rising interest rates of the United States Federal Reserve System, and European Central Bank\u2019s monetary stance as it is about to cap its quantitative easing.<\/p>\n

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\u201cThe Philippine peso is moving in tandem with global currencies,\u201d the DOF stressed.<\/p>\n

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<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The Department of Finance (DOF) sought to allay domestic and foreign investors’ fears that the depreciating peso is dragging …<\/p>\n","protected":false},"author":33,"featured_media":168393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[52364,11506],"class_list":["post-168392","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-currencies","tag-department-of-finance","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/168392","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=168392"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/168392\/revisions"}],"predecessor-version":[{"id":285447,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/168392\/revisions\/285447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/168393"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=168392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=168392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=168392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}