Peso weakens to P57.35 vs USD

THE peso closed weaker on Wednesday, losing 14 centavos to end the day at P57.35 to the dollar.

An analyst said the decline could have been prompted by news of a drop foreign investment approvals. The peso-dollar rate was still relatively stable, he added, following last month’s drop to a record P59:$1.

The depreciation could have been steeper had it not been “offset by stronger vehicle sales, foreign tourist arrivals, [and] Bureau of Customs revenue collections data,” Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said.

Sentiment, he added, was “also supported by some progress on tax/fiscal reform bills at the House of Representatives.”

Trading opened at P57.3 and ranged from P57.34 and P57.58. Volume reached $1.023.94 billion, higher than the $766.9 million in the previous session.

PHOTO BY AARON RONQUILLO An electronic sign in a money changer shows the current exchange rate of the Philippine peso to the United States dollar on Wednesday, Nov. 16, 2022. The peso ended the day at P57.35.