Peso beats Asian peers as Philippine CPI eases

Strong currency: A security guard stands beside a logo of Philippine central bank, the Bangko Sentral ng Pilipinas, in Manila. The Philippine peso strengthened 0.8% in February to 51.70 per US dollar. — Reuters

SINGAPORE: The Philippine peso has defied a yawning current-account deficit to emerge as Asia’s best-performing currency in February. And it may continue to surpass its peers.

Peso bulls say record remittances, rising investment and a buoyant domestic economy will propel further gains in the currency. Easing inflation could also lend a hand, as higher real yields burnish the appeal of Philippine bonds.