Economist Michael Wan anticipated peso to hit 51.80 to the US dollar within 12 months. He also expects 50.80 in three months time regardless of the country’s strong economic performance.
“It’s true that GDP growth has been very strong but we think one big risk is on the current account.”
Michael Wan said.
The Philippine peso gained percentage against the dollar this month. This shows a recovery from its lowest levels in past ten years.
Furthermore, a market strategist Jonathan Ravelas mentioned,
“The Peso has risen… Funds are coming back. What’s driving the optimism in the Philippines is a series of good news.”
Ravelas also mentioned President Duterte’s plan to rebuild the country’s infrastructure that has held back growth.
“The Philippines is still one of the strongest economies. We’re still growing from last year.”