More global forex turmoil ahead — peso not immune

As if the world economy would need another crisis trigger, global foreign exchange markets are in historical turmoil. Over time, it can't be contained without a more diversified global reserve currency system.

BY early October, the Philippine peso had tanked 13 percent against the US dollar. It is now trading just below 59, holding near a record low in late September. And it is set for further depreciation.