Wednesday in Asia, the Philippine peso edged down against its US counterpart. The peso that closed Tuesday's New York session at 48.01 versus the buck, hit as low as 48.36 by about 9:20 pm ET. On the downside, the Philippine currency may likely target the 48.58 level, if it slides further.

In economic news from Philippines, National Statistics Office said that Philippines imports declined 34.5% annually in January compared to a 34% drop in the previous month. Total imports declined to US$3.27 billion from US$3.3 billion in the previous month.

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