Forex and Remittances Timing I am currently assigned on a quick research project with regard to the timing of foreign remittances in the Philippines. My boss wants me to determine whether Filipino workers abroad remit at the opportune time (i.e. a depreciated peso). I would like to ask for your perspective on the matter. In my opinion, however, if Filipinos abroad indeed send their remittances when the peso depreciates, and if they remit in volume, wouldn't it have the "adverse" effect of appreciating the peso? And by the time their relatives receive the money, and consider "exchanging" it for the local currency, the peso would have by then appreciated. So I think the argument that Filipino workers abroad send money may be true, but in my point of view the REAL WAIT GAME occurs locally (that is to say their relatives are the ones waiting for the peso to depreciate again before having their dollars converted to the local currency "Php). Your Thoughts? Weigh In Now ... |
