MANILA, Philippines ( The Adobo Chronicles® ) – The Philippine peso dropped to its lowest level since 2010, the year when President NoyNoy Aquino first came into office.

On Wednesday, the peso breached the 46 to the $1 to close at $46.26: 1. It was down from Tuesday’s level of 45.93: $1

In his State of the Nation Address (SONA) just last month, Aquino bragged about the accomplishments of his administration, including booming infrastructure, increased foreign investments in the country, decline in the number of Filipinos seeking overseas employment, among other things.

Aquino is known for taking credit for all things that are positive about the country, but also for blaming his predecessor for all that were negative.

The decline in the value of the Philippine peso does not bode well for the image that he is trying to project for his administration, but he was quick to say that this wasn’t his fault.  He blamed China for being first in devaluing its yuan currency.

China’s currency fell to a four-year low on Wednesday, slumping for a second day, after a central bank devaluation on Tuesday, and government sources believe the yuan may be allowed to slide even further to help the country’s exporters.

In addition to China, Aquino also blamed the governor of the Bangko Sentral Ng Pilipipinas ( Central Bank of the Philippines) for not doing a good job in maintaining the value of the peso.