By Doris DumlaoInquirerLast updated 03:02am (Mla time) 12/07/2007
MANILA, Philippines -- Remittances from overseas Filipino workers ahead of the holidays continued to fuel the peso’s steep climb as it closed at 41.88 against the US dollar Thursday.
The peso even bucked the sluggish trend in the regional currency market when it marked a new seven-and-a-half year high, peaking at 41.85 in intra-day trade.
“December is naturally a strong season for remittances,” said Reevie Vergara, treasurer at the state-owned Land Bank of the Philippines. “Some OFWs anticipate that the US dollar is weakening so the money budgeted for the end of the year or January is being remitted now so that beneficiaries can convert (into pesos) at a better exchange rate.”
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