BSP sees further peso strength

Posted at 08/01/12 11:49 AM

MANILA - The Philippine central bank said on Wednesday that the peso could strengthen further on strong dollar inflows as investors take advantage of a favorable economic outlook.

Bangko Sentral ng Pilipinas Governor Amando Tetangco said at a Congressional hearing on the 2013 budget that "appreciation pressures could persist given expectations of strong dollar inflows into the country."

The local currency is the region's best performer so far this year with gains of nearly 5 percent.