Philippine Peso May Yet Rebound on Year-End Remittance Wave
- ANZ forecasts more than 5% rise for the peso by year-end
- Lower oil prices also support gains in currency: economist
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The Philippine peso may recover from a recent low with a boost from a seasonal pick up in overseas remittances ahead of the Christmas holidays, if history is a guide.
Inflows typically reach their highest level for the year in December, which have helped the peso gain during the final quarter in six of the previous seven years, Bloomberg-compiled data showed. Australia & New Zealand Banking Group forecasts a more than 5% rise in the currency by year-end. The peso is down more than 4% so far this quarter.