Pursuits
Philippines Allows Christmas-Remittance Peso Boost: Asean Credit
This article is for subscribers only.
The Philippine central bank is allowing record Christmas remittances from overseas workers to give the peso shelter during a global selloff.
The currency gained 0.9 percent against the dollar this quarter in Asia’s best performance, after an unprecedented $19.9 billion of remittances in the first 10 months. Philippine government bonds returned 0.2 percent in the past month after Moody’s Investors Service raised the credit rating one level to Baa2, the second-lowest investment grade and surpassing Indonesia, whose debt lost 0.6 percent, Bloomberg indexes show.