For an import-dependent country like the Philippines, it is difficult to overstate the impact of currency exchange rates. There is almost no part of the economy that is not affected by them in some way, particularly because of the country’s import profile; the Philippines imports virtually all of its fuel, most of its transportation equipment, and a very large proportion of the raw materials and intermediate goods needed for manufacturing.

tableExports and OFW remittances are the two biggest sources of foreign exchange inflows to the Philippines, while imports and debt servicing are the biggest sources of outflows.

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