Overseas Filipino Workers are the biggest influencers in saving the value of Peso.
Just in February, a total of $2.17 billion cash remittances have been coursed in banks which was close to the same amount ($2.56) reached in December, which is one of the peak times for cash remittances.
And remittances account for 10% of gross domestic product (GDP). And each year it continues to grow.
The economy of the Philippines has reached a 6.9% growth from last year and based on the assumptions and predictions of the World Bank, the same percentage will happen again this year and the year after that.
Despite the high value of the dollar, thanks to the Filipinos working abroad and also those businesses outsourcing industries, the Philippines has been able to put a stop of the continuous lessening of devaluing of the Peso against the dollar.
President Rodrigo Duterte has stated that the strength of the peso is just a sign of how investors are full trust and belief in his leadership skills and style.