HSBC: The Philippine peso may continue to weaken.

Analysts from HSBC Global Investment Research wrote in a report that they expect the Philippine peso to continue to weaken until tensions in the Middle East cool down. As one of Asia's largest net energy importers, the country's currency is vulnerable to such "terms of trade shocks." Remittances inflows may also slow if the conflict persists. HSBC stated, "Continued corruption investigations have prolonged fiscal drag and weakened sentiment, adding further pressure to already weak growth prospects." Data from the London Stock Exchange Group shows that on Monday, the Philippine peso hit a record low of 60.032 pesos against the US dollar.