Japanese financial giant MUFG Bank Ltd. said the Philippine peso could suffer from the controversial flood control scandals, which are seen to break the upward momentum of government spending on water resources and flood mitigation in two decades.
“We adjust our Philippine peso forecast profile somewhat weaker, reflecting risks from flood control project corruption issues, but still forecast the United States (US) dollar-peso moving lower over time with other domestic positives remaining in place,” MUFG Global Markets Research said in its latest monthly foreign exchange (forex) outlook, published on Wednesday, Oct
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