Peso Continues rise against US and Dubai Dollar

In Khaleej Times, peso rises against both US and Dubai dollar due to surging dollar remittances from OFW's.

"Remittances by Filipinos from the UAE jumped 41.54 per cent for the 10-month period to Dh1.74 billion ($474.2 million) from Dh1.23 billion ($335 million) a year earlier due to increased awareness of sending money through banks, according to the Philippines' central bank.

These inflows helped bring to over Dh7 billion ($1.91 billion) the money sent through banks by overseas Filipino workers (OFWs) from the Middle East for the 10-month period, or up 26.52 per cent from Dh5.51 billion ($1.5 billion) a year ago. BSP lists only Kuwait, Saudi Arabia and the UAE under its Middle East category.

Governor Amando Tetangco, of Bangko Sentral ng Pilipinas (BSP), said in Manila that the increase in remittance inflows is partly due to improved access by OFWs to Philippine money transfer agents, noting that there have been growing partnerships between local financial institutions and their foreign counterparts.

Monthly remittances from the UAE, however, dropped 1.4 per cent to Dh171.43 million ($46.7 million) in October from Dh173.85 in September, BSP data released yesterday show, a fact that OFWs here ascribe to the declining value of the dollar against the dirham.

In September the remittances of UAE-based OFWs dropped 14.5 per cent to Dh173.7 million ($47.34 million) from Dh203.3 million ($55.4 million) in August, due to the continuing appreciation of the peso against the dirham.

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On Thursday the Philippine peso continued its more than seven-and-a-half-year' rise at 11.11 against the dirham, which is worth 3.68 to the US dollar  based on the foreign exchange rate used by four major Philippine banks having tie-ups with exchange centres in the UAE. The dirham is officially pegged at 3.67 to the greenback."