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Monday, December 10, 2007

Peso Now On A 41-Level

Last Thursday, the peso closed to 41.88, a new 41-peso level. This was expected coz remittances from overseas Filipino workers are outpouring this holiday season. Lump-sum payments for condominiums and other real estate assets also contributed to the peso’s gain. It was a new 7 ½ record high level. This Friday, the peso gained more ground when it closed at 41.74.

Because of the weakening US dollar, Overseas Filipino Workers have been sending their remittances earlier than expected so their families could exchange it for a higher peso value. According to financial analysts, the peso might reach 38 pesos versus the dollar next year.

It’s just sad that OFW’s needed to work hard and send more money to catch up with the increasing peso value. I also hope the strong peso would somehow decrease prices here in the Philippines. And the government should do something to help the OFW families since they are the main reason why the peso is gaining ground.

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1 comment:

Sherry said...

recession now, will peso have big effect?