The Philippines’ budget and current account deficits will continue to put pressure on the peso throughout 2018 and beyond, Singapore-based bank DBS said as it forecast a decline to P54 versus the dollar by yearend a further fall to P56 in 2019.

In a report, DBS noted that high growth in the Philippines was now being accompanied by twin deficits, with the government’s budget shortfall having hit P350.6 billion while the current account deficit ballooning to $2.5 billion last year.

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