Connect with us

Hi, what are you looking for?


Philippine peso may breach P59 a dollar level in short term, says FBS

THE PHILIPPINE PESO would probably breach its weakest level of P59 a dollar hit in October last year if it continues to weaken to P56.50 in the short term, according to foreign exchange brokerage FBS.

“In the less likely scenario that the price breaks and holds above the level of P56.50, the price may move to a historical high of P59.20,” it said in an e-mailed reply to questions.

On the other hand, the peso could appreciate further if its P50 to P52 a dollar, FBS said.

The peso has not hit P56.50 a dollar since its P56.56 close on Nov. 29. It closed at an all-time low of P59 a dollar on Oct. 17.

The local currency closed at P56.05 a dollar on Friday, six centavos stronger than a day earlier, data from the Bankers Association of the Philippines’ website showed.

Week on week, the peso declined by 16 centavos from its P55.89 finish on June 2.

FBS market analysts expect the peso at P56.40 to P56.45 against the dollar, based on inflation and policy decisions of the Philippine central bank.

Inflation slowed to 6.1% in May from 6.6% print in April, but still faster than 5.4% a year earlier. It was within the central bank’s 5.8-6.6% estimate for the month.

It was also the 14th straight month that the rate breached the central bank’s 2-4% target for the year.

For the first five months, inflation averaged 7.5%, still above the BSP’s 5.5% forecast for the year.

The Bangko Sentral ng Pilipinas (BSP) paused its aggressive monetary tightening last month and signaled it would put the key rate on hold at its next two to three meetings.

The central bank raised policy rates by 425 bps from May 2022 to March 2023.

The Monetary Board will review policy on June 22. — Aaron Michael C. Sy

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Premier real estate developer Federal Land secured a total of 9 awards and recognitions at the recently concluded 11TH PropertyGuru Philippines Property Awards. “We...


WASHINGTON – Two US senators said on Tuesday they were investigating short video sharing app TikTok’s reported decision recently to hire several high-level executives...


META Platforms is looking to introduce ad-free subscription plans for Instagram and Facebook users in Europe, two people familiar with the matter said on...


MEXICO CITY – The costs of spiking migration for a key Mexican border state due to a sharp downturn in US-bound cargo trucks total...


THE PHILIPPINE coastguard on Wednesday said a vessel that collided with a Philippine fishing boat in the South China Sea was an oil tanker...


The emergence of AI has ushered in groundbreaking advancements across various sectors. In the realm of public relations, stands out as a pioneering...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


JUNIOR FERREIRA-UNSPLASH The Philippines is a very small power market by ASEAN standards, with market demand peaking at 15 gigawatts (GW) compared to Thailand’s...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.