
An employee counts Philippine pesos inside a money changer in Manila September 19, 2013. A Philippine official said a weaker peso will benefit Philippine exporters by making their products less expensive and thus more competitive in the global market. MANILA (Mabuhay) –The Philippine peso hit a seven-year low in heavy trading Monday as importers’ dollar demand added to downward pressure stemming from stock outflows. The peso lost 0.6 percent to 48.26 per dollar, its weakest since September 2009. Local importers scrambled for the greenback for payments, which further weakened a currency already impacted by sustained equity outflows. Foreign investors were net sellers in Manila stocks over the past six weeks. Analysts say President Rodrigo Duterte has been seen as alienating allies of the Philippines such as the United States with his crackdown on drugs. The peso’s slide “picked up momentum after the break of 48,” said a senior Philippine bank currency trader in Manila who expects the currency to weaken to 48.50. The Philippine unit may see a minor chart support at 48.35, but it is likely to seen heading to around 49.00, analysts said. Philippine Stock Exchange index was down nearly 1 percent to 7,648.69 in noon trading Monday. The weakness in Philippine financial markets comes on the heels of a sixth straight week of fund outflows from the Philippine Stock Exchange and 22 straight days of selling. The discussion on why the funds are leaving has centered around two things: the Federal Reserve and its plans to raise Read More …