Philippine peso hits 10-year-low against USD
It was down 1.3% this year, the reports revealed, and it hit its weakest level at the end of February with 50.395 versus the US dollar.
Analysts predict that the peso will depreciate further to 50.6 against the dollar by the end of September 2017 while the Bank of Philippine Islands forecast the parity to reach 52.50 by the end of the year. Economists also argue that political developments may even lead to further depreciation of the local currency.
Despite the negative estimates, the Economic Planning Secretary of the Philippines said the decline in the peso is not something to be worried about much as a weaker currency is to the advantage of overseas workers, exporters and outsourcing companies.
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