• Breaking News

    Thursday, January 28, 2016

    Standard Chartered: Philippine Peso to Drop to P49 vs. US dollar

    As remittances from Overseas Filipino Workers (OFWs) slows down, speculations about the exchange rate of the US dollar over the Philippines peso will also drop to 49 pesos per US dollar and this speculation will last until the end of this year.
    Photo: Business Philippine Daily Inquirer

    Philippine peso might be weaken in the first half of the year due to the global financial crises and due to the downfall of Chinese economy, the world’s largest economy source.

    The Bangko Sentral ng Pilipinas farecasts for the slowing down of the OFW remittances to 4% from the original 5% rate. This is also due to the lower exchange rates from the OFW’s host country.

    However, according to Standard Chartered’s global chief economist, Marios Maratheftis, Philippine peso is more stable than other currencies in the world.

    This financial and economic meltdown has been heard since early last year and is expected to continue in the coming months.

    Expect for the worst scenario and everyone must take consideration on their spending as the world’s economy is getting worse than ever before. In addition, there are other factors that affect the Philippine economy such as oil price hike in the world market and the import-export of goods of the nation.

    We will be giving you more updates about economy soon. Thank you for dropping by. God bless!

    Source: http://www.rappler.com/business/industries/210-capital-markets/120620-philippine-peso-dollar-standard-chartered