On a year-to-date basis, the Philippine Peso appreciated against the US dollar by 5.37 percent, to close at 48.06 pesos to the US dollar on December 28, 2020 from its end-December 2019 closing rate of 50.64 pesos to the US dollar. The peso has appreciated along with the Taiwan dollar, Chinese yuan, South Korean won, Japanese yen, Singaporean dollar, and Malaysian ringgit.
Let us now turn to the macroeconomic prospects over the near term. The prevailing view is a “long, uneven, and uncertain ascent” toward global economic recovery. There remains considerable uncertainty if and how global trade and supply chains will evolve.