The central bank said it believes the recovery achieved by the country’s balance of payments (BOP) position in July will not negatively impact the strength of the local currency in the coming months.

The Bangko Sentral ng Pilipinas (BSP) comment was in reaction to a joint report from First Metro Investments Corp. and the University of Asia and the Pacific which projected that the Philippine peso may depreciate in the coming months as the US dollar strengthens and the BSP rebuilds its international reserves.

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