The Philippine peso will continue to strengthen against the US dollar given the country's positive fundamentals and growth prospects, Finance Secretary Cesar Purisima said on Wednesday. "The growth prospects in the Philippines will continue to be better than that of the US," he told reporters. Purisima also cited the "structural strength" of the Philippines' current account position, which continues to be in surplus because of strong revenues of business process outsourcing firms and remittances sent home by Filipinos overseas. The peso has gained about 2.8% so far this year against the greenback, in step with its regional peers. Source:- http://www.abs-cbnnews.com/business/02/15/12/finance-chief-sees-further-peso-gains-vs-us-dollar
Depressing the developed world is competitively devaluing and the result is that it gets harder and harder for a the OFW's who support the countries foreign labour deployment policy to support their families. Hurts us westerners that are in a similar position with family over there too.
The 'general' exchange rate has been slipping for a long time now. It's certainly getting noticed by us supporting the education of some gifted family members.
