The peso fell to P51 versus the dollar on Monday — a near 11-year low — and the currency is expected to remain the region’s worst-performing given growing economic imbalances.
Monday’s result coincided with the release of ANZ Research’s “Philippine Insights” report, which declared that an “intensifying build-up of imbalances” arising from strong economic growth was weighing down the peso.
Already the region’s worst-performing currency, the peso is “likely to remain so in the remainder of the year,” it said.
President Rodrigo Duterte has signed into law the bill granting tuition-free education in all state universities and colleges (SUCs).
The bill, passed by Congress in May, will have automatically become a law on August 5 if the President did not act on it.