How the Philippine peso is falling in a day: A guide to its fall

Phuket, Thailand — For months, the Philippine Peso has lost half its value in daily trading.

The Philippines is one of the world’s largest importers of dollars, and its foreign exchange reserves are the world largest, accounting for more than $2 trillion.

The peso’s depreciation is due to the effects of the U.S. Federal Reserve’s QE3 program, the most-costly foreign-exchange program in the world. With the U