Peso plunges to P51.98 vs $1
The local currency is nearing a 12-year low.
The peso continued its depreciation streak against the dollar as it ended trading at P51.98 on Tuesday, Feb. 13. The exchange rate slipped by 21 centavos from the P51.77 per dollar finish the previous day.
It is the weakest performance of the peso since July 2006, when the currency traded to above P53 versus the dollar.
Concerns over rising inflation in the United States and a wider trade deficit in the Philippines are said to have driven the local currency to depreciate.