Tuesday, February 5, 2013
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Posted on Tuesday, February 5, 2013
|Photo credit: Inquirer.net|
Goldman Sachs executive director for global economics, Mark Tan also added that trade flows, foreign direct investments, strong OFW remittance and “hot” money inflows will also impact the appreciation of the peso.
According to the report of Goldman Sachs titled "Asia Economics Analyst," the Philippine Peso is expected to appreciate to 35 to a dollar until 2014. By 2015 though, US greenback expects to rally because of improving US growth and Fed tightening. To the Overseas Filipino Workers like me who depends on the strong peso, don't fret so much. The peso might return to the 40-level by 2015.
Also indicated in the report, Goldman Sachs has projected Philippines' gross domestic product (GDP) of 5.5 percent in 2013, 5.5 percent in 2014, 5.6 percent in 2015 and 5.8 percent in 2016.
In 2012, the Philippines GDP growth was 6.6 percent higher than the 5.9 percentage forecast by Goldman Sachs.
The Philippines Peso closed today at 40.645 versus the US dollar.
This post was written by: Mark Ferdinand Tayag
Makoy is a Senior Software Engineer based in Singapore. He enjoys cooking, swimming, running and taking photos. Makoy started blogging way back 1998 during his College years. Aside from his personal blog, he maintains a music blog, an entertainment blog, making money online blog and a photo blog. A certified Filipino blogger that wants to dominate the blogosphere.
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