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BLOOMBERG
The Philippine peso has outperformed its Asian peers this year and a seasonal pick-up in overseas remittances ahead of Christmas will likely extend the gains.
Remittances are a key pillar of the nation’s economy, which typically receives the highest cash transfers in the last month of the year as workers send money home for holiday spending. The inflows have helped strengthen the currency in all but three Decembers in the last 10 years, data compiled by Bloomberg show.
Rizal Commercial Banking Corp sees the peso rising as high as 54 per dollar by year-end — its strongest level since February and an increase of about 2% from last week’s close of 55.31.