MANILA – Money changers are seeing more customers as the peso continues to weaken against the dollar, meaning overseas Filipino workers (OFWs) and other dollar-earners get more pesos for their dollars.
The peso closed at P45.12 on Thursday from Wednesday's P45.
Economist Luz Lorenzo said the dollar has weakened because the US economy has been recovering gradually from the global financial crisis since 2008.
But while OFWs and exporters are benefiting, importers are taking a hit.
"Nagi-import tayo ng crude oil, ‘di syempre mas malaki babayaran natin from countries we import from…Tataas presyo dito,” Lorenzo said.
The increase in prices of commodities is putting pressure on other goods and services. More expensive fuel could mean higher jeepney fares.
But Lorenzo said, although the peso may continue to weaken in the next few weeks, the decline will also be tempered by the robust Philippine economy.
The flow of remittances from OFWs also boosts the peso.
Some have decided to keep their dollars, betting it will strengthen some more, which translates to more pesos.
The World Bank, meanwhile, has made a forecast that the Philippine economy will continue to grow over 6 percent until 2016.