THE peso will likely end the year weaker compared to 2020 given recovering import demand, analysts said.After closing November at P50.39 to the dollar, analysts expect the peso to close out 2021 at P49-50:$1. It had ended at P48.02:$1 during the last trading day of 2020, the currency's best finish in over four years.ING Bank Manila senior economist Nicholas Antonio Mapa estimated a yearend close of P50.
The trade deficit subsequently hit $3.99 billion that month, the most since January 2019 when it was $4.27 billion and significantly greater than the $2.26 billion posted a year earlier. Year to date, trade gap picked up by 62.6 percent to $29.18 billion from $17.95 billion in January to September 2020.Rizal Commercial Banking Corp. chief economist Michael Ricafort said the major support for the peso-dollar exchange rate in December was P48.90-49.30:$1.The next significant obstacle is P50.50-50.
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