MANILA - The Philippine peso on Friday firmed up against the US dollar after depreciating by almost 13 percent in the past few months.

The peso closed at P57.97 against $1 on Oct. 28, data from the Bankers Association of the Philippines showed. Its record low was P59 to $1.

Analysts have expected the seasonal increase in remittances during the holiday season to prop up the peso temporarily.

Billions of pesos in inward remittances in the last 3 months of the year could support the local currency, BDO Capital President Ed Francisco told ANC on Thursday

“That would also, hopefully, relieve pressure for the peso…hopefully, things will settle down inflation will normalize across the world and there will be less pressure for the peso then,” he said.

With current conditions and barring any major disruption, Francisco said keeping the peso below P60 is possible.

• Peso sinks to new record low, closes at P59 to $1 on Oct. 3
• Peso closes at weakest level again of P59 to dollar on Oct. 10

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