Connect with us

Hi, what are you looking for?


Stronger peso persists towards yearend as remittances pour in

THE peso appreciated further on Monday after another round of stimulus package in the US was signed into law while overseas Filipino workers (OFWs) continue to send remittances during the holidays.

The local currency ended at P48.055 per dollar on Monday, inching up by 1.5 centavos from the P48.07 close at the previous trading session on Wednesday last week, data from the Bankers Association of the Philippines showed.

Financial markets were closed on Dec. 24 and 25 for the Christmas holidays. Trading sessions resume on Monday until Tuesday before it closes again ahead of New Year’s Eve.

The peso opened the session at P48.05 a dollar. Its weakest showing was at P48.06 while peaking at P48.02 versus the greenback.

Total volume of dollars traded went down to $507.38 million on Monday from $679.2 million on Wednesday.

“The peso appreciated slightly after US President Trump finally signed the US stimulus and government funding bill despite his initial disagreements,” a trader said via e-mail on Monday.

US President Donald J. Trump signed into law on Sunday another round of stimulus package worth $2.3 trillion to help the world’s biggest economy bounce back from the economic downturn, based on a report by Reuters.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the stronger peso to the higher remittances from OFWs during Christmas Day and ahead of New Year’s Eve.

“BoP (balance of payments) surplus still among 2-year highs and also near 8-year highs also supported the latest gains of the peso exchange rate,” Mr. Ricafort said in a Viber message.

The central bank reported on Monday that the country’s overall BoP position was at a surplus of $1.47 billion last month, surging by 171% from $541 million in November 2019, but slimmer than the 10-year high surfeit worth $3.44 billion in October.

Last month’s tally brought the year-to-date surplus to $11.79 billion, up by 88% from a year ago.

The 11-month total hit a nine-year high after exceeding the $11.4-billion surplus seen in the entire 2011, based on the central bank’s historical data.

The trader expects the peso to continue appreciating on Tuesday on expectations that more dollars will be entering the country towards the end of the year.

The trader expects the peso trading between P48 and P48.10 versus the greenback on Tuesday while Mr. Ricafort gave a narrower forecast range of P48-48.07 per dollar. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



REPORTS of significant attacks against two Russian air bases are a new and dangerous twist in the Ukraine war. One of the explosions was...


The COVID-19 pandemic dealt a blow to the Philippine economy and exposed many gaps and weaknesses in our system that had been present for...


In 2016, several art scholars and museums embarked on a project to digitally produce 17th century artist Rembrandt’s next work, by using a computer...


Southeast Asia is adjusting to a new normal with the welcome return of travel and in-person gatherings, be it at work, with family and...


SINGAPORE — Jollibee Foods Corp, the biggest fast-food operator in the Philippines, is in advanced discussions to sell a minority stake in its Vietnamese...


INDONESIAN lawmakers have passed a contentious criminal code that outlaws extramarital sex and raises penalties on abortions as part of legislation that sparked violent...

You May Also Like


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.