According to visiting HSBC economist, Frederic Neumann, our peso would hit P43 against the dollar by the end of this year. He also added that by next year it would hit P41 and would further rally to P40 towards 2009. (Inquirer story here.)
The rise of the peso is mainly driven by the huge inflow of dollars due to remittances of Filipino workers overseas.
Well, this is good news for some...
1. Importers
2. Travellers (to US)
3. Consumers
Bad news for the others...
1. Exporters
2. Families relying on dollar remittances
3. People with dollar funds.
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