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MANILA - An analyst has forecast the Philippine peso's 2022 performance to be driven by changes in the Federal Reserve's policy rates instead of trade developments, just like what happened last year. In a report released on Thursday, ING Bank Manila senior economist Nicholas Antonio Mapa said the local currency, which was able to touch the 50-level to the dollar mid-trade this week, and the country's gross international reserves (GIR) would likely be affected more this year by monetary policy normalization in the US. He said another surge in the coronavirus disease 2019 (Covid-19) infections, which during the day logged a record-high 34,021 new cases, contributes to the delay in the domestic economy's recovery. Citing Philippine Statistics Authority data, Mapa said the balance of trade in goods, which is the difference between the value of exports and imports over a certain period, in November 2021 showed a record -USD4.706 billion. Despite this, he said, the peso " ....

Jerome Powell , Benjamin Diokno , Bangko Sentral , Nicholas Antonio Mapa , Philippine Statistics Authority , Federal Reserve , Bank Manila , Manila An Analyst Has Forecast The Philippine Peso 39s 2022 Performance To Be Driven By Changes In Federal Reserve Policy Rates Instead Of Trade Developments , Ust Like What Happened Last Year Ina Report Released On Thursday , Ng Bank Manila Senior Economist Nicholas Antonio Mapa Said The Local Currency , Hich Was Able To Touch The 50 Level Dollar Mid Trade This Week , Nd The Country 39s Gross International Reserves Gir Would Likely Be Affected More This Year By Monetary Policy Normalization In Us He Said Another Surge Coronavirus Disease 2019 Covid 19 Infections , Hich During The Day Loggeda Record High 34 , 021 New Cases , Ontributes To The Delay In Domestic Economy 39s Recovery Citing Philippine Statistics Authority Data , Apa Said The Balance Of Trade In Goods , Hich Is The Difference Between Value Of Exports And Imports Overa Certain Period , N November 2021 Showeda Record Usd4 706 Billion Despite This , She Said , He Peso Quot Held Relatively Firm While The Gir Was Only Drawn Down Slightly This Suggests That Unlike In 2021 , He Fate Of The Peso And Gir May Be Driven Less In Part By Trade Developments More External Factors Related To Imminent Normalization Federal Reserve , Uot He Added The Bangko Sentral Ng Pilipinas Bsp Reported During Day Country 39s End December 2021 Foreign Reserves , Hich Totaled Usd108 89 Billion , Ased On Preliminary Data This Level Jumped From Usd107 72 Billion In The Previous Month And Is Equivalent To 10 3 Months 39 Worth Of Imports Goods Payments Services Primary Income Last Year 39s Foreign Reserves Were , Ower Than The Usd110 12 Billion In 2020 Mapa Said Gir , N The Other Hand ,