Remittances drive PSEi rebound

By Ed Paolo Salting

Oct 19, 2022 12:30 am

THE Philippine Stock Exchange index (PSEi) returned to the 6,000 level on Tuesday, gaining 2.65 percent, or 158.31points, to close at 6,128.64 as investors cheered an increase in money sent home by Filipinos working abroad.

'OFW (overseas Filipino worker) cash remittances in August grew by 4.29 percent year on year and this boosted market sentiment as higher remittances may help the peso recover against the US dollar,' said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

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