Meanwhile, inflationary pressures are intensifying, with April consumer prices rising at the fastest pace in three years. Even with Sumitomo’s forecast of up to 100 basis points in rate hikes this year, Jeff Ng, head of Asia macro strategy at the bank, remains near‑term bearish on the peso. Elevated energy costs, he warned, may push the dollar‑peso pair higher “to test the 62, and then the 63 resistance levels,” he said.