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As if a weakening economy was not enough, election uncertainty piles further pressure on Philippine peso

After falling for six straight years, the Philippine peso is now facing an additional threat: a midterm election that may compound concerns about its economy. As the nation gears up for polls due in May, political uncertainties may pose an added source of pressure to those stemming from its long-running deficits. With risk appetite likely to remain fragile because of fears of a global slowdown, traders may drive the peso back below the 13-year low set in October. “The overarching downside risks will probably emanate from risk-off sentiment refocusing worries…

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Weak peso, rising prices: Hong Kong’s Filipino workers take a hit | This Week In Asia

“A knee-jerk reaction of glee” from overseas Filipinos greeted the drop in the peso’s value, as workers figured the dollars they earned abroad would translate into greater spending power at home, according to Hong Kong-based NGO worker Aaron Ceradoy. But the euphoria was short lived, as rising prices in the Philippines negated any advantage and led to many migrants scrambling to make ends meet. Now, many Filipinos in Hong Kong are either “trying to add to their workload, borrow money or just spend a whole lot less to keep up…

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