12 PHILIPPINE PESO PER US DOLLAR EXCHANGE RATE      
  for periods indicated              
                  
                 
  Period   2017 2018 2019 2020 2021  
                 
                 
  Monthly Averages              
                 
  January   49.7363 50.5087 52.4679 50.8386 48.0614  
  February   49.9614 51.7856 52.1901 50.7448 48.2042  
  March   50.2752 52.0676 52.4134 50.9036 48.5743  
  April   49.8626 52.0986 52.1122 50.7349 48.4620  
  May   49.8603 52.1948 52.2620 50.5556 47.9552  
  June   49.8501 53.0476 51.8029 50.0972    
  July   50.6382 53.4329 51.1429 49.4675    
  August   50.8747 53.2735 52.0547 48.8433    
  September   51.0094 53.9419 52.1052 48.5057    
  October   51.3433 54.0086 51.5042 48.4822    
  November   51.0384 52.8083 50.7268 48.2521    
  December   50.3947 52.7691 50.7671 48.0637    
                 
       Average   50.4037 52.6614 51.7958 49.6241 48.2514  
       % Appreciation (+) / Depreciation (-)   -5.78 -4.29 1.67 4.38    
  Volatility 1   0.5867 1.0107 0.6400 1.0884    
                 
  End-of-Period              
                 
  January   49.8140 51.4210 52.3520 50.9040 48.1210  
  February   50.2670 52.0340 52.0060 50.9370 48.6370  
  March   50.1940 52.2070 52.7820 51.0440 48.4660  
  April   49.6990 51.9650 52.1060 50.5890 48.3900  
  May   49.8670 52.6890 52.2570 50.7270 47.9010  
  June   50.4660 53.5220 51.3580 49.8510    
  July   50.5820 53.2630 51.0130 49.2170    
  August   51.1660 53.4340 52.3390 48.6210    
  September   51.0730 54.2510 52.0420 48.4650    
  October   51.7990 53.6060 51.0330 48.4010    
  November   50.3650 52.6080 50.7980 48.1020    
  December   49.9230 52.7240 50.7440 48.0360    
                 
                 
1 Standard deviation of daily exchange rates  
Source: Reference Exchange Rate Bulletin, Bangko Sentral ng Pilipinas