DBS: Peso still likely to hit P54:$1 by yr-end

THE Philippines’ weakening external position and higher interest rates will continue to put pressure on the peso, Singapore-based bank DBS said as it retained expectations of a fall to P54 versus the US dollar by yearend.

“The currency has depreciated 5.8 percent year-to-date, more than the full-year depreciation of 5.4 percent and 4.7 percent seen in 2016 and 2015, respectively, to become the weakest currency in Asia ex Japan,” DBS said in a report released on Tuesday.