The PH peso’s further depreciation against the USD has a positive side, according to a local business leader. Executive director at the Philippine Exporters Confederation, Inc. (Philexport) Cebu, Federico Escalona, said in an interview with Cebu Daily News that dollar-earning industries including business process outsourcing and contact centers will benefit from the weak peso. OFW remittances will also have higher values, benefiting their beneficiaries. The pesos’ weakening will also lure in more investments to the country, he added. Meanwhile, exports will become cheaper as exporters’ earnings will be higher. Sales from the export sector would increase over the next months as PH export products become more competitive.
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