With the holiday season just around the corner, Malacañang is optimistic that the Philippine peso will be able to recover against the US dollar.
“We are confident that the peso will rally because this is now the season that our OFWs remit more than usual amounts to their loved ones in the Philippines” said Presidential Spokesperson Harry Roque.
The statement was made following the release of the projection report which estimates the exchange rate to reach P58 per US dollar due to the increasing trade-in-goods deficit prompted by the Build, Build, Build infrastructure program of the Duterte Administration.
As of Tuesday, September 18, exchange rate is still P54 per US dollar. — Rosalie Coz
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