The value of Philippine peso continued to drop and has recorded it all-time low rate of P56.999 on the local spot market as investors worldwide anticipate further interest rate hikes by the US Federal Reserve on Monday, September 5.
It maintained its low value throughout the evening of September 5 with the exchange rate being at P56.92 at 3:00PM (UAE time) / 7:00PM (DXB Time).
Read: Philippine peso drops; hits all-time low record since 2004
The value of peso is expected to increase according to Filipino economists in the upcoming months with high probability of remittances during the holiday season.
In the past, the Bangko Sentral ng Pilipinas reported that the amount of money sent home by overseas Filipino workers (OFWs) increased to its highest level in two months by two percent in May.
The data released by the BSP showed that personal remittances, or cash or kind transfers between families, reached $2.70 billion (Php 151.9B)* in the fifth month of 2022, up 1.27 percent from $2.67 billion in April and 1.99 percent from $2.65 billion in May 2021.
The rise of demand in the Business Processing Outsourcing (BPO) industry during the Christmas season is also expected to boost the peso value in the upcoming months.
