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Peso hits one-month high vs US dollar on strong remittances

Business | Banking & Finance

Peso hits one-month high vs US dollar on strong remittances

By Manila Bulletin

The peso appreciated against the US dollar for the second consecutive day on Wednesday, Dec. 4, closing at a one-month high of 58.23, primarily driven by the expected surge in overseas remittances leading up to the Christmas holidays.

The peso's closing rate jumped from the previous day's close of P58.58, based on data from the Bankers Association of the Philippines (BAP).

Trading opened at P58.485, with the local currency fluctuating within a range of P58.23 to P58.5. Trading volume also registered an increase, hitting $1.716 billion compared to $1.323 billion.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso's strengthening is attributed to the "seasonal increase in OFW [overseas Filipino workers] remittances and conversion to pesos to finance Christmas holiday-related spending."

This trend, he noted, has been evident since late last week, particularly among those who aim to get ahead of the holiday shopping rush following their recent month-end paychecks.

The peso's rise marks its fifth gain in the last six trading days, reaching its strongest point since Oct. 31, 2024, when it closed at 58.10.

Ricafort added that the increase in remittances is typical for this time of year as OFWs send money home to support their families' holiday celebrations.

This influx of foreign currency into the Philippine economy is expected to continue in the coming weeks, potentially further bolstering the peso.

However, Ricafort said other factors, such as global economic conditions and market sentiment, could also influence the exchange rate.

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Michael Ricafort Rizal Commercial Banking Corp.

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