12  PHILIPPINE PESO PER US DOLLAR EXCHANGE RATE          
   for periods indicated              
                  
                 
      Period   2016 2017 2018 2019 2020  
                 
                 
      Monthly Averages              
                 
  January   47.5111 49.7363 50.5087 52.4679 50.8386  
  February   47.6361 49.9614 51.7856 52.1901 50.7448  
  March   46.7240 50.2752 52.0676 52.4134 50.9036  
  April   46.2845 49.8626 52.0986 52.1122 50.7349  
  May   46.8023 49.8603 52.1948 52.2620 50.5556  
  June   46.4645 49.8501 53.0476 51.8029 50.0972  
  July   47.0581 50.6382 53.4329 51.1429    
  August   46.6809 50.8747 53.2735 52.0547    
  September   47.4294 51.0094 53.9419 52.1052    
  October   48.3482 51.3433 54.0086 51.5042    
  November   49.1550 51.0384 52.8083 50.7268    
  December   49.8156 50.3947 52.7691 50.7671    
                 
       Average   47.4925 50.4037 52.6614 51.7958 50.6458  
       % Appreciation (+) / Depreciation (-)   -4.19 -5.78 -4.29 1.67    
  Volatility 1   1.1040 0.5867 1.0107 0.6400    
                 
      End-of-Period              
                 
  January   47.8230 49.8140 51.4210 52.3520 50.9040  
  February   47.5600 50.2670 52.0340 52.0060 50.9370  
  March   46.1080 50.1940 52.2070 52.7820 51.0440  
  April   46.7730 49.6990 51.9650 52.1060 50.5890  
  May   46.7750 49.8670 52.6890 52.2570 50.7270  
  June   46.9600 50.4660 53.5220 51.3580 49.8510  
  July   47.0850 50.5820 53.2630 51.0130    
  August   46.4670 51.1660 53.4340 52.3390    
  September   48.2570 51.0730 54.2510 52.0420    
  October   48.5150 51.7990 53.6060 51.0330    
  November   49.7770 50.3650 52.6080 50.7980    
  December   49.8130 49.9230 52.7240 50.7440    
                 
                 
  1 Standard deviation of daily exchange rates              
  Source: Reference Exchange Rate Bulletin, Bangko Sentral ng Pilipinas