Peso falls after slow growth in OFW remittances
By Michelle V. Remo
The peso fell on Wednesday amid reports that growth in remittances from overseas-based Filipinos in March was at its slowest since September 2009.
The peso fell on Wednesday amid reports that growth in remittances from overseas-based Filipinos in March was at its slowest since September 2009.
The peso moved sideways on the first trading day of the week as financial markets welcomed the improving employment situation in the United States and as the Philippine Stock Exchange Index corrected from Friday’s historic high.
The peso inched up on Thursday amid indicators global demand could be picking up, such as favorable growth of South Korea in the first quarter and manageable uptick in oil prices.
The peso inched up on Wednesday as reports of an increase in sales of residential properties and corporate earnings in the United States boosted sentiment of investors on the global economy.
The peso dropped on the first trading day of the week amid expectations the Bangko Sentral ng Pilipinas again would cut the interest rate on special deposit accounts.
The peso inched up on Thursday, amid expectations rising liquidity offshore could bring in more foreign portfolio flows to the country.
The peso strengthened on the first trading day of the week as the World Bank reiterated its projection on the Philippines likely keeping its growth robust and within the 6-percent territory in 2013 and 2014.
Hong Kong shares rose for a fourth straight day on Friday, adding 0.17 percent by the break, after another record session on Wall Street.
The peso fell on Thursday amid uncertainties over the ability of the United States to significantly boost its economy over the short term.
The peso rose on Wednesday, the first trading day of the week, as reports of growing imports by China lifted sentiment in neighboring emerging markets.
The peso continued its slide on the first trading day of the week as the bird-flu scare in China and Taiwan, and the nuclear program in North Korea bothered financial markets.
Local stocks were mostly higher on Monday on news of the recommissioning of one unit of the Bacman geothermal plant as well as expectations of further cuts in the Bangko Sentral ng Pilipinas’ special deposit accounts rates.
