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Duterte's "Build, Build, Build" plans hit Philippine peso

Reuters  |  MANILA 

By Karen LemaMANILA (Reuters) - Philippine construction firm Teravera Corp is planning to raise a fourth dollar loan in a year, after borrowing around $2.5 million to buy dozens of excavators, road rollers and dump trucks from China, South Korea and Japan.Teravera is one of hundreds of local builders contributing to a surge in capital goods imports that has turned the country's current account surplus into a deficit and knocked the peso down to 11-year lows against the dollar last month.While the peso's dip is raising eyebrows in a region where the Thai baht and the Malaysian ringgit are ...

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First Published: Mon, August 07 2017. 10:07 IST