As the Philippine Peso Plunges, 10 Million Overseas Workers Cheer
- Domestic helper de la Cruz says a weaker peso helping family
- Remittances set to grow in 2018 after reaching record in 2017
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One bright spot from the Philippine peso’s slump to an 11-year low against the dollar can be found among the nation’s more than 10 million overseas workers.
The currency’s slide is spurring Filipinos to send more money home, fueling consumption and economic growth in the Southeast Asian nation. At 10 percent of gross domestic product, remittances are also a key source of foreign income in the Philippines, helping to finance a widening current-account gap.