Philippine Peso Gains for December by Record Remittances
The Philippine peso, which lagged behind its peers in Asia for this quarter, may get a boost in December with millions of Filipinos abroad set to send records amounts of money home to help families suffers from the pandemic from recent typhoons.
December is seasonally month of strength for the peso, with the currency gaining in the period of the five in the past six years. It is also a month when remittances, which totalled more than $30 billion in 2019, reached their highest levels for the year since 2009.
The peso will edge higher to 48.08 per dollar over the next three months according to Rabobank, an economist in Netherlands. It has been risen 0.8% this quarter to 48.10, lagging behind some Asian currencies.
Remittances lose jobs
The nation’s largest source of foreign exchange after exports unexpectedly climbed 9.3% in Sepy from a year earlier, the fastest pace in more than two years. Despite the repatriation of more than 300,000 workers from abroad who’ve lose their jobs due to pandemic. (By Ella Luci)