Peso-Dirham Exchange Rate May Hit P14

By Jojo Dass

DUBAI: The peso-dirham exchange rate hit the P13.08 – P13.12 range mark, the highest this year so far and experts are saying the trend shows it could hit P14.

“Yun ang trend,” said Caloy Serrano, head of Philippine Remittance at Al Rostamani Exchange International. “Baka umabot sa P50 to the dollar. But all these are speculations. Nobody can say for sure,” he added.

Early this year, the peso also hit the P13 mark to the dirhams, which enabled a lot of overseas Filipino Workers (OFWs)  to cash in on this and pay huge amounts on their ongoing property amortizations and other investments back home.

Genesis Lontoc, head of UAE Exchange’s Corridor Marketing for Southeast Asia, said “the Exchange rate is dynamic and is influenced by many factors. Various global and local political and socio-economic conditions determine the rates.”

More on this in the next postings. Stay tuned.

(Source: FilipinoTimes.ae)