As if the lower-than-expected gross domestic product (GDP) growth in the first quarter of this year was not enough, inflation rate in the Philippines has risen while the local currency has shown signs of weakening.
Foreign fund managers have practically abandoned the Philippines as outflow of foreign portfolio investments or "hot money" from the country hit a record high.
The Bangko Sentral ng Pilipinas ( BSP), the country's central bank, relaxed its rules on foreign currency transactions Thursday in a bid to stem the appreciation of the Philippine peso against the U.S. dollar.
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