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The Philippine peso has weakened significantly, attributed to a strong US dollar amid rising geopolitical tensions, according to the central bank. The peso's recent depreciation aligns with trends observed in regional currencies used for comparison.
Tesla has officially launched its first Experience Center in the Philippines, offering the Model 3 and Model Y, with deliveries expected in early 2025. The Model 3 starts at P2.109 million ($36,362) and features a range of 513 km, while the Model Y begins at P2.369 million ($41,300) and offers spacious interiors. Tesla aims to enhance the local EV market, previously dominated by Chinese brands, with plans for Superchargers in malls and a commitment to customer service.
Philippine Stock Exchange CEO Ramon Monzon indicated that a quarter-point rate cut by the Bangko Sentral ng Pilipinas could boost the stock market, potentially pushing the index above 7,000 by year-end. This comes amid ongoing uncertainty regarding Donald Trump's policies.
Six powerful storms have devastated crops in the Philippines, leading to significant flooding and saturated soil. The damage, primarily to rice, has resulted in at least $131 million in losses and is pushing the country towards record rice imports, raising concerns about food inflation.
The Philippine central bank is set to enhance its oversight of fintech platforms following unauthorized deductions reported in accounts linked to GCash, the country"s leading mobile wallet. Deputy Governor Mamerto Tangonan announced that the bank is investigating the source of the glitch during an event in Cebu.
Late-season storms Usagi and Typhoon Man-yi are poised to impact the Philippines and Taiwan this weekend, marking a peak in storm activity in the western Pacific. This year’s tropical cyclones have hindered third-quarter growth in the Philippines, resulting in over $220 million in crop losses, while Taiwan's stock exchange faced three trading suspensions, the first since 2015.
The Philippine peso is expected to rebound as overseas remittances surge ahead of the Christmas holidays, typically peaking in December. Historical data indicates that the peso has gained in the final quarter in six of the last seven years, with forecasts suggesting a rise of over 5% by year-end. Currently, the peso has declined nearly 4% this quarter.
The Philippines' economy may benefit from the peso's depreciation following Donald Trump's election victory, according to National Economic and Development Authority Secretary Arsenio Balisacan. He expressed confidence that the current exchange rate is favorable for the remittance-reliant nation.
The Philippine economy grew by 5.2% in the third quarter, falling short of the 5.7% forecast by economists and down from 6.4% in the previous quarter. This slowdown may prompt the central bank to consider further interest rate cuts to stimulate growth.
The Philippines has approved the acquisition of 40 fast patrol boats valued at 25.8 billion pesos ($441 million) to enhance maritime security amid ongoing tensions with China in the South China Sea. The National Economic and Development Authority Board, led by President Ferdinand Marcos Jr., confirmed that the purchase will be financed through assistance from the French government.
Philippine Peso
Currency
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