This was the “fearless forecast” Wednesday given by Albay Second District Representative Joey Salceda (left) as he answered queries from the working media at the Kapihan sa Manila Bay Media Forum hosted by Marichu Villanueva (right) of Philippine Star.
An economist, Salceda previously said the value of the Philippine peso could further hit between P65 and even reach a high of P68 against the US dollar.
The Philippine peso closed at P58.99 against the US dollar on Tuesday, September 27, 2022, 17% lower in the same period a year ago.
According to economists, the peso’s weakness and so with the plunge of most currencies like the British pound, is attributed to the US Federal Reserve’s aggressive rate hikes to combat inflation.
(KIARA LAUREN IBANEZ/ai/mtvn)