The Philippine peso will struggle to repeat its strong year-end performance as overseas remittances fade and the nation’s current-account deficit weighs. Know more:
The Philippine peso will struggle to repeat its strong year-end performance as overseas remittances fade and the nation’s current-account deficit weighs.
“There could be some seasonal healthy upward correction in the US dollar/peso in the first quarter as the increase in holiday spending is already done and over with,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp. in Manila. The pair may range from 55.50-56.50 this quarter, he said.
The peso ended Friday at 55.640 versus the dollar, and had posted a 5.1-percent gain in the fourth quarter, its best advance since 2010. Still, that was less than half the rallies for Asia’s best-performing currencies, the South Korean won and the Japanese yen in that period. If the peso fails to break through those levels, something it couldn’t do decisively in the last three months, then any upside potential looks minimal at best.
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