July was a brutal month for the Philippine peso and there appears to be little respite on the horizon.
After capping its steepest monthly decline in over three years, the currency could extend losses due to a worsening virus outbreak and the risk of a sovereign rating downgrade. It may drop toward 51 per dollar, a level last reached in April 2020, according to ING Groep NV, Security Bank Corp. and Malaysian Banking Bhd.
