Manila Bulletin
Peso breaks 57 vs US dollar barrier on holiday spending, remittances
The Philippine peso appreciated against the US dollar, breaking the 57 mark to close at 57.88 on Thursday, December 5, 2024.
This upward trend is attributed to the seasonal increase in remittances from overseas Filipino workers (OFWs) and early conversion of dollars to pesos for holiday expenses.
The peso's closing rate improved by 0.35 centavos from Wednesday's P58.23, reaching its lowest point in over a month.
Trading volume decreased to $1.607 billion on Thursday, down from $1.716 billion the previous day.
Economists note this trend has been evident since late last week, with currency exchange happening early after paydays in anticipation of Christmas shopping.
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