Peso seen to breach 59:$1 level by Q2

The peso is expected to weaken past 59 against the dollar by the second quarter of 2025, according to HSBC, which attributed the likely depreciation to seasonal and external factors.

- By KEISHA TA-ASAN

"We do think it will depreciate beyond 59. Most probably the risks are toward the second quarter of 2025," HSBC economist for ASEAN Aris Dacanay told reporters in a briefing.

"But we need to put it into context. We think all Asian currencies will depreciate across the board, but the Philippine (peso) will be the more resilient one."

Dacanay said there are three key reasons why the peso is likely to be more robust amid a general weakening of Asian currencies. First, the Philippine economy is relatively less exposed to tariff-related shocks, which tend to influence currency movements in other ASEAN markets.