WHILE the country’s economic growth targets remain attainable, the Philippine peso is expected to take a beating in the third quarter as trade deficits swell, uncertainty looms on interest rates, and the US dollar strengthens, according to a local think tank. In its latest Market Call report, First Metro Investment…
WHILE the country’s economic growth targets remain attainable, the Philippine peso is expected to take a beating in the third quarter as trade deficits swell, uncertainty looms on interest rates, and the US dollar strengthens, according to a local think tank.
“Q3 [third quarter] won’t treat the peso kindly as interest rates abroad will remain high while Philippine balance of trade deficits should again balloon due to the surge in crude oil prices,” FMIC-UA&P Capital Markets Research said. FMIC-UA&P Capital Markets Research said the uncertainty over policy rates and the “renewed bullish greenback” caused the volatility in the peso throughout the month of July compared to June.
FMIC-UA&P Capital Markets Research also said government spending could improve in the second semester after posting a contraction in the second quarter.
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