Budget chief Diokno: No US manipulation of PHL peso 

Budget Secretary Benjamin Diokno on Wednesday contradicted the statement of President Rodrigo Duterte that the Americans are supposedly “undermining” and “manipulating” the depreciation of the Philippine peso. 

“Rational behavior lang ‘yan eh. Siyempre pagka-gumanda ekonomiya ng isang bansa, natural pupunta ka muna roon ... It’s not manipulation on the part of investors, it’s really a rational behavior,” Diokno said in an interview. 

Diokno reiterated that the slide of peso to a seven-year low was a result of the impending increase in interest rates in the US. 

“Ngayon ang nakikita nila (investors) na babalik na yung gumaganda na yung ekonomiya sa Estados Unidos, tumataas na interest rates, bumabalik na sila doon,” the Cabinet official explained. 

Speaking before the Philippine Marines in Taguig on Tuesday, Duterte said he believes that the United States is undermining the Philippines, pointing to the recent dip of the Philippine peso as proof.

"Ina-undermine tayo ng mga Amerikano ngayon. They are manipulating na ang peso raw ay bumababa," Duterte said.

The local currency gained 8 centavos to close at P48.170:$1 from P48.250 on Monday.

Though the peso appreciated, it is still at its weakest since September 16, 2009, when it closed at P48.050:$1 at the height of the global financial crisis. — Kathrina  Charmaine Alvarez/RSJ, GMA News