The peso may stabilize in the "latter part of the year" against the dollar due to the expected increase of remittances from the Overseas Filipino Workers (OFWs), a National Economic and Development Authority (NEDA) officials said on Wednesday.

"We expect that the entry of the remittances in the last coming months of the year will help in stabilizing the value of peso against US dollar," NEDA Assistant Secretary Sarah Daway-Ducanes said during the "Laging Handa" public briefing on Wednesday.

The peso hit an all-time low of P59 against the dollar on Monday.

On Wednesday, the peso closed at P58.65, the same as Tuesday's rate.

Ducanes said "historically" OFWs remittances peak during holiday season.

"Historically, this is the time when the remittances from Filipinos abroad who send money to their relatives for the Christmas season reached its peak," he added.

She said the importance of foreign direct investment in stabilizing the foreign exchange rate.

"The recent amendments that we made in our economic liberalization laws, the Public Services Act to Foreign Investments Act and the Retail Trade Liberation Act which is expected to attract more foreign direct investments will help in stabilizing the exchange rate," said Ducanes.

"We expect that amid the external events the strength of the domestic economy will help in stabilizing the peso-dollar exchange rate in the coming months," she added. Robina Asido/DMS