The Philippine peso strengthened on Thursday, closing at 57.88 to the US dollar, a 35-centavo gain from the previous day.
This is the currency’s best performance in nearly three months, driven by a surge in remittances from overseas Filipino workers (OFWs).
The seasonal uptick in remittances, particularly ahead of the Christmas holiday, has provided significant support to the peso. Many OFWs are converting their foreign earnings to pesos early to fund holiday spending.
The Bangko Sentral ng Pilipinas (BSP) has also expressed optimism about the peso’s outlook, citing sustained remittance growth and the country’s high gross international reserves as key factors.
The Development Budget Coordination Committee (DBCC) has revised its peso projections for the year, now expecting it to average between 57 and 57.50 to the dollar.
