The Philippine peso has been moving in tandem with Asian currencies amid severe exchange rate volatility spawned by the global trade war, the Turkey-Argentina crisis and the Fed monetary normalization.
Year-to-date, the Philippine peso depreciated by 7.39%, ranking 3rd among 12 currencies of the fastest growing Asian countries. The most depreciated currencies were Indian rupee depreciating by 11.7% and Indonesia, by 9.0%. Following the Philippine peso are the Chinese yuan (down 4.97%) Korean won (down 4.46%), and Taiwan dollar (3.46%). The countries experiencing the highest depreciations were among the fastest growing countries---India at 8.2%, China at 6.8%, the Philippines at 6.3% and Indonesia at 5.1%. (Table 1) These are also the countries with the highest GDP growth rates---India at 8.2%, Philippines at 6.3% and Indonesia at 5.2%.