Peso In A Free Fall?

PHILIPPINES - Report 21 Jan 2014 by Romeo Bernardo and Christine Tang
The peso’s “free fall”, as one headline put it, has raised worries that the country’s external payments position, which has been a major source of resilience, may come under pressure as imports to fund reconstruction and other infrastructure needs increase this year. The latest balance of payments data for full year 2013, showing a rather hefty $5.1 billion surplus, is nonetheless a significant drop from 2012’s $9.2 billion. Moreover, the BSP is projecting that the surplus will slide further, to $3 billion this year. Rather than being worried, we get the sense that government economic manag...

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