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Peso nears 53 vs $1, economic managers not worried
Peso nears 53 vs $1, economic managers not worried
ABS-CBN News
Published Jun 11, 2018 04:11 PM PHT
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Updated Jun 11, 2018 09:22 PM PHT
A money changer counts peso bills at a shop in Manila. Jonathan Cellona, ABS-CBN News/File
MANILA - The peso hovered near the 53 to the dollar level on Monday, holding at its lowest level in 12 years, but economic managers said they were not worried.
The peso was at 52.94 to the dollar in late trading, from 52.84 on Friday, according to Bloomberg data. Budget Secretary Benjamin Diokno blamed the local currency's weakness on the strong dollar.
The trade deficit widened to its widest in 4 months last April as growth in imports that drives dollar demand outpaced exports.
Diokno said a weak peso would increase the value of dollar remittances from Filipinos working abroad. Trade Secretary Ramon Lopez said a weak peso would make local goods cheaper for buyers abroad.
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"The peso's weakness throughout the year is expected," said EastWest Bank senior vice president Rob Ramos.
Seasonal pick-ups in dollar remittances could help cushion the peso's fall, which could settle at the P52.50 to P52.70 level by the end of the year.-- reports from Michelle Ong and Warren de Guzman, ABS-CBN News
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