by: Arline Ramirez
Monday, February 16, 2015 | Outsourcing News |
Budget Secretary Florencio B. Abad said the Philippine Peso rate will remain stable in 2015 as “rosy domestic prospects” continue to drive economic growth, despite the anticipated tight monetary policy.
According to a recent poll by Reuters, 82 economists expected the US to have an average of 3.2 per cent gross domestic product (GDP) growth and an economy strong enough to withstand external risks from abroad. This bullish outlook is expected to raise the Federal Reserve rates this year.
In spite of this, the peso is expected to stay between 42 and 45 to a US dollar, thanks to steady remittances from OFWs and increasing investments from the business process outsourcing (BPO) sector.
Assessments presented to the Development Budget Coordination Committee (DBCC) include uncertain global dynamics that may lead to peso depreciation. But Abad assured that it will remain stable this year.