MANILA - (UPDATE) The peso will continue to weaken against the dollar after breaching the P51 level, as sustained imports for the government's infrastructure program drives demand for the greenback, an analyst said Wednesday.
The local unit could weaken to P52.50 by the end of the year and to P53 to P54 by 2018, BPI Securities analyst Riche Lim told ANC's Market Edge with Cathy Yang.
The peso closed at P51.35 on Wednesday after falling to P51.60 in intra-day trade.
"The weakness of the peso is very structural in nature and it's caused by the process of importation of equipment for economic growth," Lim said.
Strong economic growth numbers will likely offset the weakness of the peso, he said. Official gross domestic product data is due on Thursday