‘Resilient’ peso seen to trade at ₧55.20-₧59.20 By Reine Juvierre S. Alberto @reine_alberto
D
THE WORLD | A10
ISRAELI STRIKES ON GAZA KILL 18 AS HOPES RISE FOR CEASEFIRE AND HOSTAGE RELEASE
ESPITE continued peso volatility due to the strength of the US dollar, the Philippine peso is expected to remain resilient amid its high carry, according to HSBC Global Private Banking (HSBC GPB). In a statement on Tuesday, HSBC GPB Chief Investment Officer James Cheo said the local currency is “likely to face volatility” from a stronger dollar but its high carry will be a buffer. “We are bullish on the Philippine peso and expect it to stay resilient,” Cheo said.
As such, the HSBC unit expects the peso to settle at P59.8 levels against the US dollar by the end of 2025. The peso closed at P58.70 per dollar on Monday, its weakest finish in more than three weeks since it closed at P58.81 per dollar on December 20, 2024. Moreover, HSBC GPB forecasts the Bangko Sentral ng Pilipinas (BSP) to reduce its policy rate to 5 percent in the third quarter, as it manages external risks, such as possible fluctuations in the peso and the US Federal Reserve’s easing cycle.
BMI’s projection
IN a separate commentary, BMI
said it expects the peso to trade within the range of P55.20 to P59.20 per dollar this year. BMI also anticipated that the peso will remain on a depreciatory trend beyond the near term as weak fundamentals limit any significant upward pressure on the currency. There is also a “very real possibility” that the local unit could breach the P60 per dollar level depending on how US Presidentelect Donald Trump’s policies will shape up. “With Trump’s return to the White House and the accompanying policy overhang, this will keep the dollar strong,” it said.
BMI said the BSP will need to intervene “more actively” in the coming months as US interest rate changes persist, adding more volatility to the peso. BMI expects the BSP to lower rates less than the Fed, delivering 75 basis points this year, widening interest rate differentials in favor of the US. “If the newly elected president opts for ver y aggressive protectionism policies that take markets by sur prise, the dollar cou ld reach another a l l-time high. And in the event this occurs, BSP intervention in the FX market will prove ineffective,” BMI added.
A broader look at today’s business www.businessmirror.com.ph
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Wednesday, January 15, 2025 Vol. 20 No. 95
P25.00 nationwide | 2 sections 24 pages | 7 DAYS A WEEK
$1-T CHINA TRADE DATA SPARKS REFORMS CALL By Andrea E. San Juan @andreasanjuan
ON PHL PASSPORT, OFW VISITS 195 COUNTRIES
A
FTER China posted a record trade surplus of $1 trillion with its outbound shipments swamping global trade last year, countries such as the Philippines that rely on the economic powerhouse are now pressed to improve their domestic structures and “internal efficiency,” according to a Filipino economist. On January 13, exactly a week ahead of the beginning of the second regime of US President-elect Donald Trump, global news reports revealed that China posted a record trade surplus of $1 trillion in 2024. Trump earlier floated the possibility of slapping higher tariffs on its trading partners. Wit h t hese developments, Ateneo De Manila University (ADMU) economist Leonardo Lanzona told the BusinessMirror that “The proper response of the United States as well as all the other countries to China’s dominance See “Trade,” A2
By Malou Talosig Bartolome & Nonie Reyes
A
36-YEAR-OLD millennial overseas Filipino worker based in Dubai, UAE just ticked one of her bucket lists to travel to 195 countries recognized by the United Nations and two observer states. K ach Umandap arrived at t he Mact a n- Cebu International A ir port Monday via Emirates A irlines from Istanbul, Turkey, after travelling to her 195th countr y—Sudan. Umandap is the youngest Filipina to travel all over the world, a rare feat for a Philippine passport holder. The Philippine passport is ranked at low 75 among 195 countries in the world, as Filipino citizens are required to secure visas to be able to travel to other countries.
By Ada Pelonia @adapelonia
C
OLOMBIA has overtaken the Philippines, which has lost its status as the world’s third-largest banana exporter, according to the Food and Agriculture Organization of the United
Nations (FAO). T he inter national agency’s preliminary report showed that Colombia shipped 2.31 million metric tons (MMT) of bananas last year, which was 29,000 metric tons (MT) more than the 2.28 MMT exported by the Philippines. Ecuador remained the world’s
top exporter of bananas, with shipments reaching 5.76 MMT last year. Guatemala trailed behind with 2.6 MMT of banana exports. The FAO report said the spread of the Banana Fusarium Wilt Tropical Race 4 (TR4) disease continued to drag down Philippine output, with banana growers bearing the
brunt of “substantial costs” to prevent the disease. Philippine banana exports last year fell by 3.1 percent to 2.28 MMT, lower than the 2.35 MMT it shipped in 2023. Despite this, the report noted
See “Passport,” A2
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S)
MILLENNIAL OFW Kach Umandap gets a welcome hug from her father as she arrives at Naia Terminal 2 Tuesday morning. Using her Philippine passport all throughout, the determined Pinay and Digital Nomad completed a global journey to 195 countries, the last being Sudan. Though she has explored the world, the adventurous traveler said the Philippines and Filipino cuisine remain closest to her heart. Story at right, “On PHL passport, OFW visits 195 countries.” NONIE REYES
Colombia, not PHL, now 3rd banana exporter
A loose network of 20,000 globa l ex plorers, Nomad Mania, has verified her travel achievement. Umandap said she started her international travel in 2009, to work as an OFW in Kuwait. In 2011, she moved to Dubai, UAE and was able to travel to other Middle East countries Bahrain, Jordan and Lebanon. “The dream of traveling the world became my ultimate goal. In 2013, I made the bold decision to quit my corporate [job] and pursue it full-time,” she said in her Facebook post. Her #travelgoals to complete her global tour took 12 years. Her final country-destination was Sudan where there is an ongoing civil war
Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS No.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
1NNOVATION INTERNATIONAL TRAVEL CONSULTANCY INC. Unit 9a3 9/f Ety Building., 484 Quintin Paredes St., Barangay 289, Binondo, City Of Manila
LUO, HANBIN Chinese Consultant 1.
Brief Job Description: Overseeing projects to address issues and needs. Conducting research on the organization and its customers.
Basic Qualification: At least college level. Fluent in Mandarin and English languages. Excellent verbal and written communication skills. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A6-A7 See “Banana,” A2
PESO EXCHANGE RATES n US 58.6630 n JAPAN 0.3725 n UK 71.5923 n HK 7.5346 n CHINA 8.0010 n SINGAPORE 42.8354 n AUSTRALIA 36.2361 n EU 60.1061 n KOREA 0.0401 n SAUDI ARABIA 15.6264 Source:
BSP (14 January 2025)