With all the negative news we have lately (VAT, never ending increase in electric bill, gas, prices), the strengthening of the peso is like a breath of fresh air.
It posted a high of 55.01 to a dollar at last weeks closing, the highest by far for the past year. BSP Governor Rafael Buenaventura has his own opinion on the pesos rally which you could read here.
Though this might not be good news for OFWs who earn in dolloar, it sure is good news to businessmen and investors. This could very well refect an improvement in our economy.
hmmm, i wonder, is the peso gaining strength due to the cute administration's tax measure (Vat increase, sin taxes, etc) or the remittance from OFWs or the effect of the crisis in asia or the weakening of the US dollar. What ever it is, I hope that the peso continues to strengthen.
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