IT took less than seven days to bring the peso back to its level at the start of the year by closing at P55.085 to the dollar on Tuesday, according to data from the Bankers Association of the Philippines .
“The USD/PHP ended weaker at 55.085 after a strong US jobs report last Friday raised the prospects of more hikes from the Federal Reserve that could go beyond the 5 percent levels,” Managing Director of eManagement for Business and Marketing Services, Jonathan Ravelas said. Moreover, Ravelas said, with the peso depreciating amid high prices, the Bangko Sentral ng Pilipinas is now expected to raise interest rates by 50 basis points.
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