The peso fell to its weakest level in eight months Wednesday as the dollar gained on expectations that the US Federal Reserve will raise interest rates, currency traders said.

The local currency closed down to P44.43 per dollar, from P44.425 Tuesday. Total trade volume reached $610.50 million.

“Now that the market has digested the so-called inflation shock and, more or less, had formulated forecasts on the economy, all eyes are on the Fed once more, on whether they will hike interest rates,” a trader from a commercial bank said.

“Once the US rises its interest rates, it will be dollar positive. And because we are also gripped by high oil and commodity prices, it will not be good for the peso,” the trader added.

Another trader said the market is now looking at the P45-per-dollar level. 

THE Development Bank of the Philippines (DBP) is opening a P47-billion credit facility to the health sector to help upgrade the quality of health services in the country, especially the countryside.

AN opposition legislator sees no reason for Congress to investigate the establishment and operation of a fixed- income exchange and over-the-counter market for government securities even as he cleared the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) of alleged conspiracy on the issue of self-regulatory organizations (SRO).

THE authority of the Bureau of Internal Revenue (BIR) commissioner to appoint tax-collection agents is near absolute, monetary authorities were told by their legal team.

The peso fell to its weakest level in eight months Wednesday as the dollar gained on expectations that the US Federal Reserve will raise interest rates, currency traders said.