Peso outperforms key Asian currencies

Posted at 07/03/12 7:11 PM

On Tuesday, peso closes at strongest level in 4 years

MANILA, Philippines - The Philippine peso has outperformed other Asian currencies in the first half of the year.

The Bangko Sentral ng Pilipinas (BSP) reported the peso appreciated by 4.33% against the US dollar from January to July 2.

The rate of the peso's appreciation was faster than other key currencies 0.4% for the Malaysian ringgit, 0.44% for the Thailand baht, 1.42% for the Australian dollar, 2.7% for the Singapore dollar, and 4.18% for the New Zealand dollar.

BSP Governor Amando Tetangco Jr. attributed the peso's appreciation to the Philippine economy's strong performance. In the first quarter of the year, the Philippines' gross domestic product grew by a better-than-expected 6.4%.

"The Philippines is a recipient of [foreign portfolio] flows of late due to the recent rise in investor risk appetite as well as the underlying strength of our domestic growth," he said.

On Tuesday, the peso closed at 41.72 versus the US dollar. This was the peso's highest close in more than 4 years, when the peso ended at 41.64 to $1 on April 3, 2008.