THE PHILIPPINE PESO could return to the P59-per-dollar level this year, as the US dollar continues to strengthen, analysts said.
The local unit closed at P58.68 against the greenback on Monday, strengthening by 5.2 centavos from its P58.732 finish on Friday.
“(The Philippine peso) was one of the worst performers in Asia last month, with rate cut expectations by BSP (Bangko Sentral ng Pilipinas) next month adding fuel to the fire,” ING Bank said in a report.
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