Diversification needed for stronger peso – DoF’s Beltran

THE Philippines needs to limit its reliance on remittances and outsourcing revenues to prevent the peso from depreciating too much whenever uncertainties arise abroad, the Finance department said.

In an economic bulletin, Finance Undersecretary Gil Beltran said the peso -- again back in P51 per dollar territory -- was among the Asian currencies that had strengthened prior to the 2008 financial crisis.