100 Pesos (Emilio Aguinaldo) – Philippines

In 2019, the Philippine peso (PHP) demonstrated relative stability but remained under persistent, moderate pressure, averaging around ₱51 to the US dollar for much of the year. This represented a continuation of the gradual depreciation trend observed since 2013, when the peso traded in the low-40s. The primary drivers of this pressure were the nation's widening trade deficit, fueled by robust imports of capital goods and raw materials for the government's ambitious "Build, Build, Build" infrastructure program, alongside strong consumer demand. Furthermore, the Philippines' current account shifted into a deficit, increasing reliance on foreign portfolio investments ("hot money") and remittances to balance its external accounts, making the currency sensitive to shifts in global investor sentiment.

Domestically, the economic context provided mixed signals. Inflation, which had spiked sharply in 2018 due to food supply issues and new tax reforms, decelerated significantly throughout 2019, allowing the Bangko Sentral ng Pilipinas (BSP, the central bank) to reverse its earlier monetary tightening. The BSP cut key interest rates by a total of 75 basis points and lowered bank reserve requirements, injecting liquidity into the system. While these actions supported domestic economic growth, which remained among the fastest in Asia at over 6%, the lower interest rate differential with the United States reduced the appeal of peso-denominated assets, contributing to the currency's softness.

Externally, the peso was buffeted by global headwinds. The ongoing US-China trade war created volatility in regional currencies and financial markets, often leading to risk-off episodes that triggered capital outflows from emerging markets like the Philippines. Additionally, a generally stronger US dollar throughout the period exerted broad downward pressure on Asian currencies. Despite these challenges, the peso's depreciation in 2019 was considered orderly and manageable. The BSP periodically intervened in the foreign exchange market to smooth volatility, and the nation's strong fundamentals—including consistent GDP growth, healthy foreign exchange reserves, and steady Overseas Filipino Worker (OFW) remittances—provided a solid buffer against more severe currency instability.