MANILA, Nov. 13 -- US dollar inflows from overseas Filipino workers (OFWs) for the holiday season, along with the country's robust dollar reserves are expected to back the local currency against further depreciation.

On Wednesday, the local unit weakened to the 59-level against the US dollar after closing at 59.17, but Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort noted that the peso remains resilient.

The peso already closed at this level even three years back, but still managed to regain its footing against the US dollar, strengthening to the 57-level, Ricafort said.

With the seasonal jump in the volume of money being sent home by OFWs during the Christmas season, the local unit is expected to be buoyed by th...