THE PESO could gain some support even amid some volatility in the foreign exchange market as the Philippines’ dollar reserves hit its highest level in over a year, analysts said.
“The relatively higher GIR (is seen) to provide a greater buffer for the peso exchange rate vs. the US dollar, as fundamentally supported by the continued growth in the country’s structural US dollar inflows especially from OFW (overseas Filipino worker) remittances, BPO (business process outsourcing) revenues, tourism receipts, foreign investments, among others,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail.
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