The depreciation of the peso against the US dollar is positive for the Philippines, especially to the booming and highly labor-intensive outsourcing sector. According to a member of the House economic affairs committee, Rep. Johnny Pimentel, as long as the peso’s decline is driven by market forces, it is generally favorable for the country. The peso closed Friday at 48.23 to the greenback. Like exporters, BPO firms in the country sell their services to overseas clients. They generate revenues in dollars, but spend for their operations here, including the wages of their employees, in pesos.
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