MANULIFE Investment Management expects the Philippine peso to continue weakening, albeit at a slower pace for the coming year, assuming that the US dollar remains strong.
“If the US dollar were to remain strong through 2023, that typically bodes poorly for many emerging market currencies, for the Philippines specifically,” said Sue Trinh, co-head of global macro strategy at Manulife Investment Management, or Manulife IM.
The Fed brought its policy rate to 4.25-4.5% at its Dec. 13-14 meeting, which brings the total hike of borrowing costs to 425 bps since March. “If China’s reopening goes to plan, that may even present some upside risks in terms of energy prices there and bode poorly for the current account gap in the Philippines from rising imports,” Ms. Trinh said.
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