Peso – dirham rate hits Ph14

The peso-dirham rate hit the Ph14-mark yesterday and money exchange experts are saying it is headed for Ph14.20 in the coming days.
Purple  Juachon,  Al Rostamani marketing head for the Philippine corridor, told The Filipino Times, the rate was at Ph14.01 yesterday morning; it went down to around Ph13.97 in the afternoon.
Today the rate is in the Ph13.94 to Ph13.96 range.
“Aakyat pa yan ng konti,” he said in a phone interview.

 

Michelle Sanchez, Philippine corridor head at UAE Exchange, for her part echoed Juachon’s remarks saying, “Definitely it will go up.”
“The trend is pataas. Most probably tataas pa. I’ll stay firm (at my earlier forecast) of P14.20,” she told The Filipino Times.  
Juachon explained that among factor affecting the rate is the construction boom being experienced in the Philippines, which entails huge importation of needed materials paid in the dollar.
A few weeks back, The Filipino Times, quoting Sanchez, Juachon and other remittance industry experts, reported that the rate will hit the Ph14-mark anytime this year. At the time, the rate was at P13.86.
The dirham is tied to the dollar; currently the peso-dollar rate has hit the Ph51-mark, thereby causing the peso-dirham rate to likewise go up.  

 

Source: filipinotimes

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