Peso climbs to fresh 20-month record

The Philippine peso soared to a fresh 20-month high on Wednesday on the back of strong dollar remittances from Filipino workers overseas. The peso closed at P44.80 per dollar, up by 13 centavos from Tuesday’s close. The local currency opened at P44.86, went as high as P44.75 and as low as P44.88. Wednesday’s close was the strongest since August 13, 2008, when the peso finished at P44.72 against the dollar. A trader said money sent home by Filipino workers abroad — mainly for tuition this coming school year — was a major reason for the peso’s rise against the greenback. The trader also said the Bangko Sentral ng Pilipinas “did not intervene much" during Wednesday’s trading, but said the market might be heading for a technical correction due to profit-taking in the next days. Trade volume was slightly lower than Tuesday’s $1.03 billion but still brisk at $997.92 million. — Nikka A. Corsino/NPA, GMANews.TV