Rizal Commercial Banking Corp. chief economist Michael Ricafort said in a reply to a Manila Standard query the peso might average between 56 and 57 against the greenback by the end of the first quarter in 2023. READ:
high remittance inflows as Filipinos working overseas sent more money to their families for holiday spending.
Ricafort said the local currency’s performance was in line with the movement of other regional currencies such as the Indian rupee, Chinese yuan, Indonesian rupiah, Malaysian ringgit and Thai baht. Ricafort said the more than 8-percent depreciation of the peso against the dollar since the start of the year might have benefitted OFWs and their families, exporters, business process outsourcing, foreign tourism businesses and others that earn in US dollars.
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