Manila says its economic strength will bolster weak peso
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THE Philippine government, seeking to reduce concerns about a sliding peso, said on Monday that the country's strong economy and attractiveness for investors will bolster the currency. Economists say global political uncertainties and import-driven demand for dollars have caused the peso's recent fall.
The peso, Asia's worst performing currency this year, hovered slightly above Friday's 11-year low against the US dollar, weighed down by tension over North Korea and the Philippines' current account deficit.
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