Asian currencies fell with the yen today but the Philippine Peso hits 4-year high! The peso rose as far as P 49.95 per dollar, breaking the 50 level as local markets reopened following a long holiday due to typhoon last Thursday and Friday.

There are three reasons for the strengthening of the Peso according to Reuters: 1) Strong inflows of remittances; 2) Upbeat news on the economy; 3) Easing worries about political uncertainty.

According to President Gloria Macapagal, we have graduated from being a third-world country to a second-world or the “middle-class” because our per-capita income increased dramatically caused by the positive outlook of our economy. If this will continue, we shall achieve “first-world” status before 2020.