Aug 10
14
Value of Peso Drops Against the US Dollar
The value of the Philippine Peso is currently at 44.9 pesos per US dollar. The recent shrinkage in value against the dollar has caused debt stocks to rise according to the National Treasurer.
MANILA, Philippines (Xinhua) – The government borrowed on net basis P4.5 trillion ($100.2 billion) worth of funds from foreign and domestic creditors in May, 2.7 percent higher than the previous month, the Bureau of Treasury said today.
Of the total debt stock, 43 percent is owed to foreign creditors and 57 percent to domestic creditors.
National Treasurer Roberto Tan said the erosion of the value of the peso against the US dollar pushed foreign debt to increase 4. 3 percent on a month-on-month basis to P1.97 trillion ($43.9 billion). Read the rest of the story here.
