The real exchange rate for the Philippines was more than 20% above its average, but - as previously noted above - this country was relatively less affected by the crisis. Hence, there is little evidence of substantial overvaluation of exchange rates in these countries.
In comparison, during the first half of 1998, before the onset of the Latin American phase of the crisis, the real exchange rates for Argentina and Brazil were about 10% stronger than the 1990-97 average, while Mexico’s real rate was about 5% stronger.