Peso to hit P37.50 in 2008, says CitiGroup
December 7, 2007
The Philippine Peso might reach P41.50 to the dollar by end-2007, and can further appreciate to P37.50 next year, according to CitiGroup Inc.
The global banking giant said the continuing rise of the peso will be caused by the robust flow of remittances from overseas Filipinos, a weak US dollar, an optimistic economic outlook for the country, and sustained government financial consolidation.
The same report noted, however, that the peso’s rise might be tempered in 2009 partly due to the upcoming presidential election in 2010.
The report published by CitiGroup entitled “Asia economic prospects for 2008″ says it is most bullish on the Philippine peso, the Indian rupee and Chinese renminbi among emerging Asian currencies for the coming years.
The prediction comes in the heels of another estimate by the chief investment officer of Sunlife of Canada who expects the peso to rise to P38 by 2008.
On December 6, the Philippine currency closed at a 7 1/2 year high of P41.88 to the dollar supported by strong remittances from overseas Filipino workers ahead of the Christmas holiday.
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December 7th, 2007 at 11:40 am
hmmm…forecast on the peso appreciation are getting more aggressive.
December 8th, 2007 at 6:27 pm
that’s good and may even be bad to those whose income are foreign money.
December 9th, 2007 at 12:10 pm
This is good news for the government..but not on my part.
December 10th, 2007 at 9:11 am
If that happens I hope Adsense payments have changed to peso :)
December 13th, 2007 at 11:03 pm
yaiikss!
anong pang matitira sa bloggers?
(sana hanggang $40.00 lang!)
January 20th, 2008 at 8:11 pm
You can still receive Adsense checks denominated in Philippine Peso but you might need to wait for a week or two after the payment month to receive it. But Google also uses the exchange rate of the time of payment, so as long as the dollar continues to fall, the peso payments will unfortunately also decrease.
January 20th, 2008 at 8:13 pm
Kaya dapat mag-diversify at humanap ng additional online income para nde bumaba ang kita! :)
January 20th, 2008 at 8:15 pm
This article can hopefully help dollar earners cushion the peso appreciation problem a bit:
How to deal with the falling dollar
February 21st, 2008 at 1:27 am
This is bad news. :( for me, but i do hope that it wont be that lower or else..
..”wala lang”