Philippines To Probe Continued Appreciation Of Peso

August 14, 2007 7:49 a.m. EST
Preciosa Dumlao - AHN Writer

Manila, Philippines (AHN) - Senate Minority Leader Aquilino Pimentel, Jr. on Tuesday called for a Senate inquiry into the circumstances behind the continuing appreciation of the peso against the U.S. dollars and its impact on the lives of families of overseas Filipino workers.

Since a strong peso means less value for the dollar remittances of the OFWs, Pimentel said the government should institute measures to mitigate its negative effects on the OFWs and their families.
From more than P52 to the dollar, at the start of 2007, the exchange rate now ranges from P45.43 to P45.75 to the dollar. [Read more]