Philippines
peso exchange rate forecast 2013, Philippines peso to US Dollar 2013
: The peso closed at 41.05 against the US dollar at the last trading
day of 2012, gaining nearly 7 percent since the start of the year.
The peso was the second fastest appreciating Asian currency against
the dollar last year next only to the Korean won which rose by 7.17
percent.
In
Monday's trading, the peso closed at P40.89 to $1. The rise of the
peso has made Philippine-made goods more expensive in dollar terms
and less competitive in the global market.
With
this development in the local bourse, Economic Planning Secretary
Arsenio Balisacan said Monday that the Philippine economy will likely
hit the high end of its growth rate target in 2012 and would maintain
a "high growth" in 2013.
"Hitting
the 5-6 percent growth target for 2012 is no big deal, "
Balisacan said, adding that the economy was likely to have expanded
by about 6.5 percent last year.
For
the fourth quarter of 2012, he said the expansion of the gross
domestic product (GDP) would definitely be higher than 4.5 percent,
which was the minimum required for the Philippines to hit the higher
end of the target for 2012.
Analysts
here said sustained investors' appetite for blue chips has pushed all
the PSE indexes.
"A
lot of investors are positive and very optimistic of the nation's
prospects this year and some stocks are catching up in terms of
valuation," Mark Canizares, head of equities at Manulife
Philippines, was quoted by reports as saying.
Monetary
authorities have been successful in keeping inflation rate at bay
with the December rate at 2.9 percent, bringing the average pace of
the price movement to 3.2 percent, within the lower end of the range
target of between 3.0 percent and 5.0 percent.
The
country's foreign exchange reserves also hit an all-time high of
$84.25 billion at the close of 2012, buoyed by the dollar purchases
of the Bangko Sentral ng Pilipinas (BSP), the country's central bank,
which were meant to temper what could have been a sharp appreciation
of the Philippine peso.
The
yearend gross international reserves (GIR) were enough to cover a
year of the country's import requirements and were nearly six times
the combined foreign currency-denominated debts of the government and
private entities maturing within a year.
The
latest amount of GIR was up by about 12 percent from $75.30 billion
in the previous year.
The
BSP admitted that it had been buying dollars from the market to
prevent a steep rise in the value of the peso against the US dollar.
Officials
said that under its policy, the BSP allowed the exchange rate to be
generally determined by the market, but intervened through currency
trading in cases of significant volatility pressures. They said the
sharp and sudden rise or fall of the peso was disruptive to
businesses and to the economy.
The
appreciation of the local currency has also reduced the peso value of
the dollar remittances sent by overseas Filipinos.
Meanwhile,
in its latest global report, the Washington D.C. based Institute of
International Finance (IIF) said that among emerging economies in
Asia, the Philippines will continue to remain second only to that of
China this year.
The
IIF also said that in three years to 2014, yearly domestic growth of
the Philippines would be above 6 percent.
The
think tank said that the country's gross domestic product would
follow through with a growth rate of 6.8 percent next year after the
latest forecast of 6.5 percent for 2012.
In
2014, the IIF predicts that the Philippine economy will grow slower
at 6.2 percent, to be overtaken by India and Indonesia for second and
third place after China. "The Philippines stands out for
its strong growth this year," the IIF said. "Real GDP was
7.1 percent greater in the third quarter than a year earlier - up
from 6.2 percent in the first half, and 3.9 percent for 2011."
The
IIF also noted that remittances from overseas Filipino workers
reached $17.3 billion in the first nine months of 2012, which was 5.7
percent higher year-on-year. On the local currency, the IIF said that
the peso is expected to trade at 40.80 against the US dollar in 2013.
The local currency will be much stronger in 2014 when it is expected
to trade at a round 40 against the US dollar, the IIF said.
source:
pakarlampung1, January 8, 2013 | From
indonsia-stock-exchange.blogspot.com
 |
PERSONAL INSIGHTS:
As a Filipino citizen, I am so happy that our country is being
competitive in terms of economy. It made me even happier knowing that our
country is continuing to progress economically. I am so proud that from PHP 56
to USD 1 in year 2007 went down to PHP 40.89 to USD 1 this year, a great
revelation that our country is really progressing and competing globally. This
is a great remark of Philippines as a country with a future. I can really say
that our president today is doing his duty with much hardwork, honesty and
integrity. I'm also happy knowing the decrease in the value of dollar
because for me, this means lower prices in US products. the progress in our economy
also implies that our country is looking forward for more foreign investments
to come, thus increasing domestic employment.
On the other hand, the progress
that our country is experiencing right now in terms of peso-dollar rate has a
negative implication too. As dollar continues to decrease its value, It also
made me think of our hardworking heroes, the Overseas Filipino Workers (OFW's).
The decrease in the value of dollar implies that the family of these OFW's will
be receiving less than what is it when US dollar is still high. The value
that the OFW's is sending will not be as high as before.
We, as Filipino citizens in
general were happy knowing that our economy has already attained this far (as what
I am thinking). Thus, It would be very helpful in my opinion if the
administration will continue to strive hard to grow and developed our economy
even more. As policymakers, they should continue what they are doing now, and
enhance what is the best way to continue our progress in the long-run. With
some flaws of corruption in our country that somehow affect our economy, this
should be minimized or probably erased. With this progress lies great
challenges and responsibilities to our policymakers and future administration.
If the government is really serving of the people, by the people and for the
people, we will continue to enjoy the fruit of our country's progress. Above
all, policymakers must have fear God, for the fear of the Lord is the beginning
of wisdom.
I am looking
forward to what Philippines will be in the long run starting today.
