The Philippine Peso is now recovering from its lowest level from the past 10 years in the hand of the previous Philippine Presidents. Foreign Investors are now optimistic to invest in our country as the economy is looking bright under Duterte administration.
The peso gained 1.48 % against the US dollar, next only to the Japanese yen and edging out India’s rupee, Malaysia’s ringgit, Indonesia’s rupiah, Singapore’s dollar and Thailand’s baht, according to data from Bloomberg’s news website.
The peso could strengthen further to P49.25 to P49 against the dollar towards the second half, buoyed by a seasonal pick-up in remittances from overseas workers (OFWs), BDO Unibank chief market strategist Jonathan Ravelas told in an interviews conducted by ABS-CBN News.
“The peso has risen, Funds are coming back. What’s driving the optimism in the Philippines is a series of good news.” Ravelas said
“The government has also signaled that it’s spending and committed to build build build,” Ravelas said, referring to President Rodrigo Duterte’s P8-trillion plan to rebuild the country’s creaking infrastructure that has held back growth.
The peso ended slightly weaker Monday as it closed at P49.54 to the US dollar after opening at P49.45. “The Philippines is still one of the strongest economies. We’re still growing from last year,” Ravelas said.
The World Bank last week said the Philippines’ would likely match this year and next year the 6.9-percent gross domestic product growth it posted in 2016.