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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)

DIYARYO MILENYO is a free and independent online media outfit that publishes events happening in the local communities and current issues that matter to the public with local, national and global implications. DIYARYO MILENYO is composed of volunteer journalists and community writers scattered in various parts of the Philippines. They report the news right and where it happens. It adheres to the standards and ethics of journalism. It imposes strict rules against attacking someone. Strictly adhering to publish good news only.

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