Meanwhile, the Department of Finance (DOF) stated the Philippine peso stays “very robust” in real terms and the modern-day motion of the nearby foreign money will truly assist enhance the competitiveness of exports and the cost of dollar remittances.
In a declaration, Finance Undersecretary and concurrent Chief Economist Karl Kendrick Chua stated the Philippine peso is anticipated to remain “widely solid” over the medium term as it’s miles propped up by means of solid macroeconomic basics in conjunction with the constant movement of remittances from foreign places Filipino people (OFWs) and dollar receipts from the business procedure outsourcing (BPO) zone.
“While the peso has reasonably depreciated in nominal terms in recent weeks, the peso in actual phrases is still very strong, which deters competitiveness,” Chua stated.
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