Philippine peso drops to seven-year low 48 due to Duterte

Jonjo Wednesday, September 28, 2016

Present day Filipinos are surely familiar with the thousand peso bill. Perhaps not everyone, however, may be conscious of the significance of the three heroes portrayed on it. Those portrayed on the bill are the foremost Filipino martyrs of the resistance against the Japanese occupation of World War II, namely Chief Justice Jose Abad Santos, Josefa Llanes Escoda, and General Vicente Lim.

Philppines Thousand peso bill: Chief Justice Jose Abad Santos,
Josefa Llanes Escoda, and General Vicente Lim.

The Philippine peso hit a 7-year low on Monday, extending its losses into a third week as market participants worried about the impact of President Rodrigo Duterte's policies on capital inflows, ratings and international relations.

Senator Ralph Recto urges Duterte to be more careful in his statements

Senate Minority Leader Ralph Recto urges President Rodrigo Duterte to treat the US and other allies well, to avoid having a chilling effect on investors. Full story here.

Philippine peso sank against the greenback on Wednesday. https://t.co/MesAM19VAe
— GMA News (@gmanews) September 28, 2016

Is Duterte hurting the Philippine peso?

Budget Secretary Benjamin Diokno is trying to allay worries that the weakening of the peso and other economic indicators are a result of harsh rhetoric from President Rodrigo Duterte.