The peso weakened to the P49-per-dollar level on Monday, to its lowest in nearly eight years, as the specter of higher interest rates in the US under a Donald Trump presidency causes fund outflows in the Philippines.
The peso is believed to weaken further after breaching the P49 per dollar level, analysts said Tuesday.
The Philippine Stock Exchange Index was down 1.42 percent to 6.876.25 points in early trading, as investors gauged the domestic impact of a Trump presidency in the country’s third largest trading partner.
Stock market experts said companies unlikely to be affected by a Trump win are those engaged in infrastructure and consumption, especially with a strong dollar boosting the peso value of remittances of overseas Filipinos.
Property companies who have minimal exposure to business process outsourcing companies or those who have diversified into tourism.
