Peso sinks to new low of 59.22 vs $1

MANILA, Philippines – The Philippine peso sank to a new record low on Tuesday amid strong expectations of another rate cut at the Dec. 11 policy meeting of the Bangko Sentral ng Pilipinas (BSP). The local currency shed 28.5 centavos from its previous finish to close at 59.22 against the US dollar. That beat the