The Philippine Peso closed at its weakest rate for the past two decades at Php56.77 to the US dollar as of Friday, September 2.
Prior to this, the highest known exchange rate record was Php 56.45 – which happened back in October 14, 2004.
Despite this, an economist believes that the Philippine Peso may experience a temporary boost, owing to the remittances of overseas Filipino workers (OFWs) during the holidays.
“We have the seasonal influx of dollars from OFWs in the last 2 months of the year, so there might be some easing,” Economist Vic Abola said in an interview with ABS-CBN News.
Abola added that inflation could hit the upper end of Bangko Sentral ng Pilipinas’ forecast for the month.
