Relatively rapid economic growth at a time of weak growth in the developed world together with continued current-account surpluses should help to support the peso in the forecast period. The currency is forecast to appreciate gently against the US dollar, strengthening to an average of P42.5:US$1 in 2015, from P45.1:US$1 in 2010. The Philippines was the recipient of record inflows of portfolio investment in 2010 owing to the relatively high yields available in the country. Such inflows are likely to remain strong in 2011, but the peso would be vulnerable if global risk aversion was to increase in response, for example, to renewed concerns about sovereign debt defaults in Europe. The peso would also be hit if global oil prices rise more sharply than is presently forecast, given that the Philippines is a net importer of oil, or if inflation was to accelerate more rapidly than is forecast.