The peso slump is now at an almost 11-year low, when its weakest performance was 51.21 against the dollar on August 28, 2006. The peso is forecast to continue being the region’s worst performing currency until the end of the year as it bears the brunt of increased imbalances in the economy caused by the recent years’ robust growth, according to economists at ANZ Research, Sanjay Mathur and Eugenia Victorina. “The Philippine economy has undergone a structural improvement in the last decade. Potential growth is around 6.5 percent currently, more than double what it was during the 1990s. However, the recent period of strong growth has resulted in the build-up of imbalances in the economy, which in our view are intensifying,” they say in a recent report.
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