Philippine peso to continue depreciating in 2024 due to US dollar strength and Middle East tensions.
The Philippine peso is expected to continue depreciating this year due to the strengthening of the US dollar, following a global trend. The Bangko Sentral ng Pilipinas (BSP) attributes the recent depreciation to Middle East tensions causing "safe-haven" inflows to the US dollar. The peso is predicted to remain in the P57-to-P58 range for 2024, with the BSP monitoring market volatility and intervening only if necessary to maintain stability.
April 28, 2024
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