SUMMARY
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Good news for Filipinos working overseas and for exporters though maybe not for local consumers. The Bank of the Philippine Islands (BPI) expects the peso to slide to P50 to the dollar due to higher infrastructure spending and the US Federal Reserve raising interest rates. In the bank’s latest commentary, BPI lead economist Emilio Neri Jr said the Philippine peso is more likely to hit P50 rather than P45 to $1 through to 2017. The peso has appreciated in recent weeks due to the US Fed’s decision not to raise rates. The peso closed at P46.44 to the dollar last Friday, June 17.
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