The Philippine peso's recent gains are a reflection of the economy's favorable propects and steps are being taken to ensure its steady appreciation won't hurt exporters and overseas Filipino Workers, or OFW, President Benigno Aquino said yesterday. "I think the Banko Sentral (central Bank) is on top of the situation and they are doing the necessary steps to make sure...the export sector or even OFW remittances will not be affected,"
The peso last week appreciated to Php43.30 against the dollar, its strongest since May 2008. Even with the dollar's rise Friday and Monday, the peso has still climbed close to 6% so far this year. "Undoutedly, it is also a sign that the economy definitely is improving," said Aquino. "We are in quite an ideal situation where there is growth, inflation is moderate or controlled and the peso's value is not subject to very wide fluctuation."
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