12 PHILIPPINE PESO PER US DOLLAR EXCHANGE RATE        
  for periods indicated              
                  
                 
  Period   2018 2019 2020 2021 2022  
                 
                 
  Monthly Average              
                 
  January   50.5087 52.4679 50.8386 48.0614 51.2353  
  February   51.7856 52.1901 50.7448 48.2042 51.2807  
  March   52.0676 52.4134 50.9036 48.5743 52.0740  
  April   52.0986 52.1122 50.7349 48.4620 51.9760  
  May   52.1948 52.2620 50.5556 47.9552 52.3618  
  June   53.0476 51.8029 50.0972 48.1247 53.5685  
  July   53.4329 51.1429 49.4675 49.9430 55.8925  
  August   53.2735 52.0547 48.8433 50.2343    
  September   53.9419 52.1052 48.5057 50.1421    
  October   54.0086 51.5042 48.4822 50.7491    
  November   52.8083 50.7268 48.2521 50.3571    
  December   52.7691 50.7671 48.0637 50.2478    
                 
       Average   52.6614 51.7958 49.6241 49.2546 52.6270  
       % Appreciation (+) / Depreciation (-)   -4.29 1.67 4.38 0.75    
  Volatility 1   1.0107 0.6400 1.0884 1.0792    
                 
  End-of-Period              
                 
  January   51.4210 52.3520 50.9040 48.1210 51.2730  
  February   52.0340 52.0060 50.9370 48.6370 51.2910  
  March   52.2070 52.7820 51.0440 48.4660 51.9600  
  April   51.9650 52.1060 50.5890 48.3900 52.1580  
  May   52.6890 52.2570 50.7270 47.9010 52.2430  
  June   53.5220 51.3580 49.8510 48.5440 55.0210  
  July   53.2630 51.0130 49.2170 50.3420 55.7220  
  August   53.4340 52.3390 48.6210 50.0400    
  September   54.2510 52.0420 48.4650 50.9590    
  October   53.6060 51.0330 48.4010 50.7700    
  November   52.6080 50.7980 48.1020 50.4580    
  December   52.7240 50.7440 48.0360 50.7740    
                 
                 
1 Standard deviation of daily exchange rates  
Source: Reference Exchange Rate Bulletin, Bangko Sentral ng Pilipinas