Tuesday, November 08, 2005

Peso forecast

I read today in the Daily Inquirer: “Peso forecast: Sizzling, Swiss bank sees 54:$1 by December”. For me this is one good news, after the many bad news we have had over the past several months. The thing is, even UBS now sees the peso hitting 54 by the end of the year and 53 by the end of 2006. This maybe good news for our country men in the Philippines, as these will somehow increase their purchasing power relative to the dollar, but not so good for our overseas worker who are earning dollars (but I am sure many of them would not mind, in fact most of them would be glad the peso is getting stronger) because those who are bringing, say 10,000 dollars, would have 30,000 pesos less money if the exchange rate moves down to 53 from 56 pesos per dollar.

I am looking forward to more good news from the Philippines – sana naman tuloy tuloy na ito.