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News » PH peso drop to continue in 2022

PH peso drop to continue in 2022

PH peso drop to continue in 2022

Analysts are forecasting the Philippine peso to depreciate further against the United States dollar this 2022, ending the year with P 51-52:$1, as the economy recovers.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael Ricafort said that further economic re-opening could bring more importation activities and infrastructure spending in the country — particularly in the reconstruction efforts for typhoon-hit areas.

He added that “election-related leads could also partly determine the direction of the exchange rate …”

Ricafort noted that the continued growth in the country’s structural inflows — including OFW remittances (over $30 billion/year), Business Process Outsourcing (BPO) revenues (also $30 billion/year), Philippine offshore gaming operations revenues, foreign tourism receipts, and foreign investment — could “offset the positive factors” for the Philippine peso.

Japan-based MUFG Bank also expects the Philippine peso’s downward trend to continue in 2022, with a P51.500:$1 exchange rate outlook.

MUFG said that this will be brought on by the larger trade deficits driven by stronger domestic demand, as well as a higher import value of oil.

Meanwhile, the Philippine government is expecting the peso-US dollar exchange rate to be P48-53:$1 in 2022 after it closed the previous year at P50.99 to the US dollar.

Read more here.

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