Philippine peso falls 7% as Bangladesh, Mexico remittances rise

Homepage > News > Finance > Philippine peso falls 7% as Bangladesh, Mexico remittances rise Remittances across the globe are increasing steadily amid the ongoing U.S.-Iran war, with Mexico‘s remittances growing by 3% in July. Elsewhere, Bangladesh saw its remittances soar to 22.49% in August, while in Southeast Asia, a report stated that remittances fail to shield the Philippine peso. Philippine peso tumbles 7% despite record remittance inflows Bangladesh sees 22% remittance growth amid U.S.-Iran war Mexico sees 3% remittance growth to $5.57 billion in July Philippine peso falls 7% despite remittances generating $36 billion Remittances from Overseas Filipino Workers (OFWs) are no longer enough to shield the Philippine peso from mounting external pressures—such as the oil crisis resulting from U.S.-Iran conflict and global inflation—with the currency falling to record lows as a strong U.S. dollar, capital outflows, widening trade deficits, and higher energy costs weigh on the economy, the Business Times reported on August 31. The latest balance of payments data compiled by the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), shows the scale of the pressure on t...