News Snapshot:
US inflation and aggressive rate hikes are pushing the West into recession territory, while collateral damage is derailing development elsewhere, including Southeast Asia. The worst is still ahead. LAST week, it was all over the headlines: "Philippine peso plunges to P58.49 against US dollar." Like several times before, the peso dived following the rate hike by the US Federal Reserve. The Philippine currency has depreciated 15 percent from last year while weakening from P49 to barely P59 today. As the rate gap between the US and Southeast Asia is set to diverge further, regional currencies will face continued greenback headwinds,...
