Peso closes at weakest in over 11 years

ABS-CBN News

Posted at Feb 14 2018 06:22 PM | Updated as of Feb 14 2018 09:21 PM

MANILA - The Philippine peso further slipped on Wednesday and closed at 52.12 to the dollar, according to the Philippine Dealing System. 

This is the local currency's weakest level in 11 years and 7 months. 

The peso, which has been Asia's worst performing currency by far this year, has been on a steady decline since early January after it briefly strengthened to P49 to the dollar. 

BPI Securities analyst Riche Lim said he sees the peso continuing to slide.

"Expect [the] peso to continue to depreciate further as we continue to see imports go up for infra(structure) spending," Lim told ANC's market Edge. 

But Lim also played down concerns over the weaker peso saying the currency would stabilize as new infrastructure drives economic growth. 

Budget Secretary Benjamin Diokno said Wednesday that the peso slide does not indicate a weak economy.

Diokno said the government had already factored in the weakening peso in its medium-term economic strategy and adjusted the foreign exchange target for 2019 to P52 to the dollar from P51.