According to the Pacific News Center, the Peso is strengthening against the dollar due to the strong economy.
"The Philippine economy, considered as one of the top performers in Asia, is expected to grow by more than seven percent this year, based on projections made by the World Bank and the International Monetary Fund (IMF).
A combination of increased remittances from overseas Filipino workers (OFWs), increased investment inflows and a strong outsourcing sector will continue to pump more US dollars into an economy that is now regarded as one of Southeast Asia's brightest spots for 2007.
The strong economy has held the peso steady at P41 against the US dollar. Analysts, however, predicted a further strengthening of the local currency and it may test the P37.50 range in the coming months. "
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