Peso Hits PhP45.45, Lowest in Four Years
The peso depreciated to PhP45.45, its lowest in nearly four years, as investors scampered away from emerging markets like the Philippines and moved to safer havens on what domestic and international financial players described as a reaction to the ongoing financial upheaval in Argentina. For the overseas Filipino workers (OFWs) and their beneficiaries, this means that their hard-earned dollars will go relatively a long way as their greens have more value in pesos.
Source: Manila Bulletin