How low can it go?!

The BSP hiked policy rate by 50 basis points today after the USD Fed tightened theirs by 75 bps, it’s expected that the peso would sink further.

But not by 50 centavos in one day!

I can’t remember if the currency had dipped this low within 24 hours. In all of my years reporting on the financial markets, I think this is the first time I saw the peso sink like this. 🤦‍♀️

This is already inflationary. The BSP should intervene in the forex market. I know this is the worst use of our dollar reserves but the forex volatility is no longer funny.

Admittedly, I earned well in this quick sinking of the peso but I am not happy because it has made a lot of Filipinos poorer. Goods continue to get more expensive by the day.

Lovely.

However, I’m running out of spice packets. I need to replenish when I come back to Singapore in November.

Speaking of which, I already booked my PAL flights but the hotel is a tricky one since I needed to use the SAP Concur facility so I can use the company credit card. And it’s not working because the chief of reporters has sat on my request on Concur after so many months. 😩

That occupied my entire night.

I liked my last hotel because of its location but I think I should change scenery.