The Philippine peso is in freefall against the greenback, setting off alarm bells over the strength of the economy amid a growing trade deficit and rising prices.
The currency hit a 12-year low of 53.23 to the United States dollar last Wednesday, and has since slid further to around 53.48. It has lost 6.4 per cent of its value against the greenback this year, making it Asia's worst-performing currency.
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