Good time to remit: Philippine peso remains pressured by high inflation, surprise rate hike looms

Good time to remit: Philippine peso remains pressured by high inflation, surprise rate hike looms

Dubai: Surging prices in the Philippines and a spurring speculation of an surprise interest-rate hike is hurting prospects of a stronger peso, but further turning the tides in favour of expat remitters looking to send money back home in the coming weeks. Against the UAE dirham, the peso is currently at 15.61, depreciating in value by 12 per cent in the year so far. Check the latest forex rates . The central bank Bangko Sentral ng Pilipinas may bring forward a planned 75-basis-point rate increase ahead of its policy meeting on November 17, according to Security Bank Corp. and Bank of the Philippine Islands. The nation reported the fastest inflation in almost 14 years on Friday, while the peso posted its largest weekly loss since September. "There's pressure now for stronger messaging in both monetary and fiscal responses, and even an inter-meeting hike by the monetary side is justified, given upside risks in inflation and the peso," said Robert Dan Roces, chief economist at Security Bank in Manila. Global central banks are under pressure to defend their currencies as the Federal Reserve prepares to push rates even higher. In the Philippines, the peso weakness is worsening the inflation outlook as