Philippine Peso Up
The International Herald Tribune reports that the Philippine Peso is currently enjoying an increase in value over the US Dollar.
"The Philippine Peso rose to its highest level in eight months on Tuesday on speculation nationals working overseas are sending money back for the year-end holidays. The peso climbed 0.4% according to the Bankers Association of the Philippines," reveals the Tribune’s website.
According to the website’s market round-up, the gains in the Philippines’ peso are remittance driven since it is currently the season for remittances in the country.
Bloomberg.Com, on the other hand, discloses that the Philippine peso had its fifth weekly gain in six on speculations Filipinos working overseas will increase the amount of money they send home toward the Christmas holiday season.
Data shows that a 28% increase in remittances was recorded in September as Philippine nationals returned $941 million resulting to foreign exchange rates measuring at a range of PHP53-PHP55 to USD1 as of November 26, 2005 and even better in 2006, Bloomberg.Com adds.
(Source: Korean Won Has Weekly Loss On Stocks; Philippine Peso Rises, Bloomberg Asia Website and Market Roundup: Currencies Business Asia, Blackenterprise.Com)
"The Philippine Peso rose to its highest level in eight months on Tuesday on speculation nationals working overseas are sending money back for the year-end holidays. The peso climbed 0.4% according to the Bankers Association of the Philippines," reveals the Tribune’s website.
According to the website’s market round-up, the gains in the Philippines’ peso are remittance driven since it is currently the season for remittances in the country.
Bloomberg.Com, on the other hand, discloses that the Philippine peso had its fifth weekly gain in six on speculations Filipinos working overseas will increase the amount of money they send home toward the Christmas holiday season.
Data shows that a 28% increase in remittances was recorded in September as Philippine nationals returned $941 million resulting to foreign exchange rates measuring at a range of PHP53-PHP55 to USD1 as of November 26, 2005 and even better in 2006, Bloomberg.Com adds.
(Source: Korean Won Has Weekly Loss On Stocks; Philippine Peso Rises, Bloomberg Asia Website and Market Roundup: Currencies Business Asia, Blackenterprise.Com)
0 Comments:
Post a Comment
<< Home