The peso is unlikely to strengthen beyond P47 to the US dollar by the end of the year, analysts said, given factors such as divergent monetary policies, concerns over growth in China and in emerging markets plus a plunge in commodity prices.

“The Philippine peso ending this year below P47 is increasingly unlikely,” ING Bank senior economist Joey Cuyegkeng said in report, noting that while markets have accepted the likelihood of a US interest rate hike, other central banks were expected to continue easing policy.