An economist of ING Bank Manila expects the correction of the Philippine peso in the next few weeks following its strength against the US dollar last week.

The local currency ended last week’s shortened trading week at a five-month high of P49.43 against the greenback. ING Bank senior economist Joey Cuyegkeng, in a research note, traced this to “arbitrage opportunity” given the weakness of the dollar amid concerns over how the US would handle North Korea’s nuclear ambitions, among others.

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