Peso to hit P37.50 in 2013?

Already strong, the peso can further appreciate to P37.50 against the US dollar in the next 12 months, according to Singapore-based Goldman Sachs ASEAN economist Mark Tan.He cited the influx of portfolio investments in the capital markets, the continuing weakness of the US dollar, and the robust growth of ASEAN countries, including the Philippines and Indonesia. The peso has been trading near P40 in recent weeks, worrying dollar earners like exporters and business process outsourcing firms, as well as Filipinos who depend on remittances sent by loved ones working or living abroad. In 2014, Goldman Sachs expects the peso to reach P35 to the dollar before it depreciates to P40 in 2015 and P41 in 2016.

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