THE peso recovered 14 centavos against the dollar on Friday, and currency traders said a stronger remittance flow is expected to back the local currency this week.

The currency closed at P42.48, stronger than the previous day’s close of P42.615. It went as high as P42.46 and as low as P42.61. Total volume was $592.69 million, up by $37.69 million from $555 million the previous day.

A trader, who asked not to be named, said on Friday the market is expecting increased remittance inflows this week, easing oil and inflationary woes.

“The high inflation rate is a factor weighing the peso down, but the market is expecting more remittances starting the coming week and more so in the second half of the month. This is will prop up the peso,” the trader said.

Another trader said yesterday the market is experiencing “corrections” from the past week’s weakness. “It’s natural for the market to react adversely to oil and inflationary pressures. But since we are expecting bigger [remittance] inflows this week, there will be a more positive market sentiment,” the trader said.

Another trader expects the peso to trade at a range of P42.40 to P42.50 against the dollar this week.  

FINANCE Secretary Margarito Teves has directed the Bureau of Internal Revenue (BIR) on Friday to suspend a new mandate that seeks to collect more taxes from the country’s insurance companies.

CHINA Banking Corp., (ChinaBank) has sought the approval of the Bangko Sentral ng Pilipinas (BSP) for its P8-billion issue of long-term negotiable certificates of deposit.

THE DEPARTMENT of Finance wants the Bureau of Customs (BOC) to implement the use of an escrow account for imports that pass through Philippine free-port zones, focusing on Subic Bay as one of the country’s emerging ports.

THE peso recovered 14 centavos against the dollar on Friday, and currency traders said a stronger remittance flow is expected to back the local currency this week.