EM currencies, including the Philippine peso, have been facing stormy weather for quite some time now. Turkey and Argentina spark contagion concernsContagion fears coming from Turkey and Argentina have exacerbated the slide in EM currencies. Like Turkey, Argentina has high debt levels, a huge trade deficit and high inflation rate. The Philippine peso has weakened as well (-8.4 percent) following the sharp declines in regional and global EM currencies. The central bank said it will take into account inflation rate and external factors when considering further rate hikes.

Source: Philippine Star September 16, 2018 15:33 UTC