The Philippine peso continues to be hit one after another. In a quarter where all Asian emerging market currencies rose against the US dollar, the peso declined. The peso has fallen 6% since this year, making it the worst performing currency in the region. One reason the peso depreciated was that no country was more affected by soaring oil prices than the Philippines. Unlike countries that can rely on manufacturing or commodity exports to make dollars to cushion the shock, the Philippines' reliance on services has widened its trade deficit by nearly one-third this year, and the inflation rate has soared to more than double the official target. Foreign exchange reserves have been drastically reduced as a result.

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