Philippine peso is set to fall as the country's remittance inflows ease, analysts at Goldman Sachs said in a note.

"Looking forward, we believe flows will be less peso supportive, as we expect remittances growth to slow in the coming quarters on a slowing global economy," they said.

Remittances, a key pillar of the Philippine economy, edged up 0.1 percent in Jan. -- the slowest pace in 5 years.

Goldman Sachs expects the peso to fall to $50 in 6 to 12 months, implying a 3 percent fall from the current spot of $48.4.

The peso has fallen almost 2 percent versus US dollar this year.