The Philippine peso is expected to remain under pressure in the coming months as higher oil prices, firm demand for the dollar, and a seasonal increase in imports strain the country's external position, according to BMI, a Fitch Solutions company. Philstar Biz reported Friday.
BMI's forecast suggests the peso will continue to weaken against the US dollar as the country faces headwinds from its reliance on imported fuel and raw materials. The seasonal uptick in imports during the latter part of the year is expected to further pressure the local currency.
The peso has already faced depreciation pressures in recent months, and analysts expect the trend to persist amid global monetary tightening and domestic economic challenges.