The central bank said its recent peso-dollar rate forecast revision indicating a weakening of the local currency toward the year-end was triggered by volatility in the global markets and rising Philippine imports.
Explaining the assumptions for the revised forecast of P42 to P45 to $1 for 2014, against a previous projection of P41 to P44, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said the new range came as a result of an assessment of global factors by the inter-agency Development and Budget Coordinating Committee (DBCC).
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