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Peso hits new 2009 high

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Thursday, October 15, 2009 | Outsourcing News |

Stronger Philippine Peso

The peso climbed to 46.43 per dollar on Wednesday; it's strongest since it reached 46.45 per dollar on January 7. Wednesday garnered a massive turnover of $1.2 billion – 85% higher than last session's $647.5 million. The Bangko Sentral ng Pilipinas spurred debate over it spending heavily to slow the USD's slide as the peso moved back to 46.45 at the end of the session.

Remittances are predicted to register especially high numbers with offshore workers sending relief money back to the Philippines following typhoons, Pepeng and Ondoy. The Philippine's Business Process Outsourcing industry is among the 8 “sunshine industries” expected to generate a collective $80 to $90 billion worth of revenues for the country to remain on course to recovery following the national calamities.

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