Peso falls to 7 year low on concerns about Duterte
The Philippine peso collapsed to its lowest level in seven years as President Rodrigo Duterte’s heated anti-drug policies and volatile statements further warred global markets.
Since September 2009, the peso now stands at its lowest level. The Philippines’ currency slumped to 48.245 pesos per dollar – a 4 per cent fall in a single month and the worst performance of any Asian currency, following widespread western criticism of Duterte’s brutal crime crackdown.
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S&P threatens to downgrade Philippines credit rating
Standard and Poor’s (S&P) warned that policy predictability had faded under Philippine President Rodrigo Duterte’s administration and could soon result in a downgraded credit rating.
S&P described the Duterte administration as having “a strong focus on improving law and order, which has allegedly resulted in numerous instances of extrajudicial killings” and “could undermine respect for the rule of law and human rights.”
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