Peso likely to recover on back of remittances, BPO inflows: economist
The peso is likely to recover in the last quarter on the back of increased remittances during the holiday season, export proceeds as well as inflows from business process outsourcing (BPO), among others, RCBC Treasury Group chief economist Michael Ricafort said Monday.
The peso is likely to recover in the last quarter on the back of increased remittances during the holiday season, export proceeds as well as inflows from business process outsourcing (BPO), among others, RCBC Treasury Group chief economist Michael Ricafort said Monday.
The peso fell to an all-time low of P56.77 to a dollar on Friday's close after trading P56.90 intraday.
"We’re at the tail end, there’s a consistent pattern that we have seen for many years, there is a good chance, market expectations by 4th quarter, there’s a good chance for the peso to recover some of the lost ground because, in view of the expected increase or peak in remittances towards the holiday season," Ricafort said.
On Monday morning, the peso has already traded as low as P56.9 as of 9:51 a.m., data from the Bankers Association of the Philippines showed.