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Philippines to Tap Its ‘Not-So-Secret Weapons’ to Cushion Peso

  • Remittances, outsourcing revenues to help bridge trade deficit
  • Peso seen trading at 58-59 a dollar through end-2022: analyst

Inflows from millions of Filipinos working overseas and hundreds of call center companies in the Philippines may help anchor the peso above the 60 per dollar level until the end of the year, according to traders and analysts.

Filipinos abroad typically send more money home for the Christmas holidays while the business-process outsourcing industry has become a steady source of dollar receipts, giving the nation some leg up amid a record $6 billion trade deficit.