Remit: Philippine peso slips ahead of likely rate hike, to stay weak in the days ahead

Remit: Philippine peso slips ahead of likely rate hike, to stay weak in the days ahead

Dubai: UAE expats looking to remit more Philippine pesos back home will be benefitted from favourable rates on Wednesday, and even more so with the currency expected to stay weak in the days to come. Against the UAE dirham, the Philippine peso was at 15.09, while the currency was at 55.88 versus the US dollar. Check the . The peso started the week on a negative note, weakening 0.3 per cent after firming 1.5 per cent the prior week as expectations of a rate hike on August 18 supported the currency that has lost more than 8 per cent in the first seven months of the year. The Bangko Sentral ng Pilipinas (BSP) is widely expected to continue with its monetary tightening after an outsized 75 basis point (bps) hike in mid-July, although a similar big move is not expected later this week. BSP is expected to follow its July surprise rate hike with a half-point rise on Thursday and another quarter-point hike next month to catch up with its peers in containing soaring inflation, a Reuters poll showed. Analysts at ING, DBS, OCBC and Mizuho Bank expect a 50 bp hike to its key overnight borrowing rate to contain