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The exchange rate of $1 to Philippine peso is now P51.90, according to the Exchange Rate Statistics of the Bangko Sentral ng Pilipinas.
While the number is down from P52.05 in the previous trading day, it is higher from the P48.53 a year ago or a decrease of -0.45 percent from the previous trading day and a gain of 6.76 percent from a year ago.
The increase in the exchange rate of the peso to the dollar was associated to the lack of incoming dollars, thus decreasing the value of peso. It then yields an increase in product prices in the country.
Contributed by Jennifer Rose Vergara
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