The local unit closed at a new all-time low of P57.48 against the greenback on Tuesday, losing eight centavos from its P57.40 finish on Monday, Bankers Association of the Philippines data showed.
This would increase the allure of the dollar with higher interest rate income on dollar-denominated deposits, fixed-income investments and securities, Mr. Ricafort added.erentials are expected to narrow due to stronger rate hike from the US Federal Reserve,” a trader said in an e-mail. The Bangko Sentral ng Pilipinas expects the country’s BoP position to end the year at an $8.4-billion decit equivalent to -2% of gross domestic product amid weaker global demand. In 2021, the Philippines posted a BoP surplus of $1.345 billion.
Source: News Formal (newsformal.com)
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