Peso seen weakening to P54:$1 by yearend

  • Page Views 141
  • THE government’s infrastructure push in the second half of 2019 could lead to the peso closing weaker against the dollar by yearend, according to HSBC Private Banking.

    “We expect USD-PHP (US dollar-Philippine peso) to reach 54.0 by end-2019, given the re-widening of the current account deficit,” HSBC Private Banking Managing Director Chuek Wan Fan told reporters in a roundtable in Taguig City on Tuesday.

    The peso ended 2018 at P52.58 versus the greenback, sharply down from its 2017 close of P49.93:$1.

    The local currency is currently trading against the dollar within the P52:$1 level. On Tuesday, it closed 8 centavos weaker at P52.30:$1.

    Fan said the expected peso depreciation this year would be led by the expected widening of the current account deficit, “especially going into the second half, because of the acceleration in public spending in infrastructure projects.”

    This plan includes an infrastructure spending target of P792.97 billion for the second to fourth quarters after actual infrastructure spending reached P207.2 billion in the first.(M.U. Caraballo, TMT)

    Share

    New Posts Recently publish post More

    • 22 June 2019
      3 days ago No comment

      Pacquiao impresses Roach in 8-round sparring session

      LOS ANGELES, California: “Good, very good. I’m impressed!” This was how Manny Pacquiao’s chief trainer, former chief trainer-turned consultant Freddie Roach described his ex-ward’s performance in an eight-round sparring session on Tuesday at the Wild Card Boxing Gym here. Roach added, though, Pacquiao, who is in deep preparation for ...

    • 22 June 2019
      3 days ago No comment

      Phil Consulate Holds Food and Travel Fair

      The Philippine Consulate General, headed by Consul General Andrelita Austria, held the Proudly Philippines Food and Travel Fair at Robson Square in Downtown Vancouver. Using this year’s Independence Day 2019 theme “Tapang ng Bayan, Malasakit ng Mamamayan” (Courage of the Country, Compassion of the Citizenry), the fair was attended ...

    • 22 June 2019
      3 days ago No comment

      Canada caring for caregivers – Launching 2 new pilots: Home Child Care Provider and Home Support Worker

      Toronto – Canada is caring for its caregivers by launching 2 new pilots that will help caregivers who come to this country make it their permanent home. The Home Child Care Provider and Home Support Worker pilots will open for applications on June 18, 2019, replacing the expiring Caring ...

    • 22 June 2019
      3 days ago No comment

      TFC at the Movies screens multi-awarded LGBTQ film “Rainbow’s Sunset” for Pride Month

      DALY CITY, California – TFC at the Movies’ offering for the month of June, Rainbow’s Sunset, won big at the 52nd Worldfest-Houston International Film Festival in Texas, bagging the Special Jury Prize; the Gold Remi Award for Best Story Innovation for screenwriter Eric Ramos; and Best Actor for both ...

    • 22 June 2019
      3 days ago No comment

      Don’t call her Tita Cherie

      CHERIE Gil was presented as one of the judges in the seventh season of “Starstruck,” along with Heart Evangelista and Jose Manalo. The hosts on primetime are Dingdong Dantes and Jennylyn Mercado, and the show will start airing this Saturday and Sunday. Kyline Alcantara is the host on the ...

    %d bloggers like this: