premise: A strong rally by the Philippine peso may be nearing its end after the US Federal Reserve raised its benchmark interest rates by another 25 basis points, Filipino central bank chief Amando Tetangco said Wednesday.
  The US Federal Open Market Committee voted unanimously Tuesday to raise the benchmark federal funds target rate by a quarter-percentage point to 4.25 percent, its highest level since May 2001.
  "Its immediate implication for the Philippines is on interest rate differential and the possible downward effect on the domestic currency," Tetangco told reporters.
  The peso, which traded at 53.695 to the dollar on Tuesday afternoon, has been hovering at two-and-a-half-year highs against the dollar in recent sessions, boosted by brisk remittances from the millions of Filipinos who work abroad.
  Tetangco said the US Fed move was not likely to push Philippine consumer prices to rise sharply.
   Why was the peso hovering at two-and-a-half-year highs?
hypothesis: boosted by brisk remittances from the millions of Filipinos who work abroad