Posted on January 10th, 2008
Labeled as the Best Performing Currency in Asia in 2007, this 2008 the Philippine Peso is predicted to climb from $39 to $37, says Bank of the Philippine Islands (BPI), the biggest banking channel for overseas Filipino remittances.
Rising to its highest level in close to seven and a half years with its highest level since March 2000, the Philippine Peso value assessment for 2008 may hamper remittances from many OFWâ€™s and as well as collections from the Bureau of Customs which loses P3 billion in potential collections with every one-unit rise.
There was even a prediction that the peso could hit 35 to the dollar this year,
says Customs Commissioner Napoleon Morales. This could be the lowest Dollar value versus the Peso this 2008.
President of the Development Bank of the Philippines (DBP), Reynaldo David forecasts that the P40-per-dollar barrier would likely be breached in the last week of January 2008
Central Bank governor Amando Tetangco Jr. says that The rising Peso will also keep inflation in check and at manageable levels.