PSEi down additional as remittances submit weak progress

The Philippine Inventory Change Index (PSEi) prolonged losses on Thursday after July information confirmed only a modest improve in remittances from Filipinos working abroad.

By the closing bell, the benchmark measure shed 0.11 %, or 7.19 factors, to six,575.67 whereas the broader All Shares index slipped 0.009 %, or 0.31 factors, to three,496.9.

The Bangko Sentral ng Pilipinas stated abroad Filipino employee (OFW) remittances in July rose 2.3 % to $3.24 billion in comparison with the earlier 12 months.

Consultants warned the robust US greenback in opposition to the peso wouldn’t be sufficient to beat value surges skilled by OFW beneficiaries within the Philippines.

“No matter positive aspects OFWs and their households…

Carry on studying: PSEi down further as remittances post weak growth

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