The Philippine Peso is Asia’s best performing currency of 2007, closing 18.8% higher at P41.28 at the end of last year.
The runners-up were: Indian Rupee (which grew 12% in 2007); Thai Baht (7%); Malaysian Ringgit (6.4%); Chinese Renminbi (6.88%); and Singapore Dollar (5.9%).
But the buck does not stop there. The Philippine currency is expected to further strengthen in 2008, with most market watchers predicting that the peso will stabilize below the P40-level. One analyst even predicted that the peso will touch P35 this year.
Below is a collection of prediction of the Peso-Dollar exchange rate in 2008:
“Peso can further appreciate to P37.50 in 2008″
– a report by CitiGroup
“As much as P38.00 by early 2008″
– Michael G. Manuel, CEO of Sun Life of Canada (Philippines)
“Hitting P38.00 is already almost a certainty”
– Ramon Lim, treasurer of Philippine National Bank
“We’re looking at P37.00“
– Roland Avante, Chinatrust Commercial Bank treasurer
“Peso likely to zoom to P35.00-37.00 against the greenback”
– Antonio Agcaoili Jr., Asia United Bank senior vice president
“Peso might break into the P39.00 level but only briefly this year”
– Jose Emmanuel Hilado, chief foreign exchange dealer at Banco de Oro-EPCI
“Peso will rise to P37.00 this year and further to P30.00 next year.”
– BNP Paribas
“Peso at P40.00“
– American Express Bank
“P41.00 is to $1 over the next 12 months”
– Bear Stearns
What’s your prediction on the exchange rate? Do you think it will settle below P40? Will it reach P35 this year?
