The peso strengthened further and breached the 55 to $1 level to hit a three-month high due to rosy outlook for remittances from overseas Filipino workers toward the holiday season, as well as the dovish signals from the US Federal Reserve.
The local currency gained 19 centavos to close at 55.91 from 56.1 to $1 on Friday. This was the peso’s best since closing at 55.74 on Aug. 4.MANILA, Philippines — The peso strengthened further and breached the 55 to $1 level to hit a three-month high due to rosy outlook for remittances from overseas Filipino workers toward the holiday season, as well as the dovish signals from the US Federal Reserve.
“We forecast the Philippine peso to depreciate against the dollar from 55.6 to $1 in 2023 to 56.8 to $1 in 2024. For the Philippines, which remains heavily reliant on imports to meet local demand, this will provide further headwinds as imports will become costlier,” BMI said. The Bangko Sentral ng Pilipinas has ordered the closure of another foreign exchange dealer due to various violations of the...
Manila Electric Co. is poised to end the year with record high earnings after finishing the nine months ending September with...
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