Peso peaks at P51 to the US dollar

  • Page Views 1243
  • The peso hit an 11-year low of P51.08 to the US dollar on Friday but it was no cause for worry, according to the central bank chief.

    “We’re constantly monitoring peso development for excessive short-term volatility,” Bangko Sentral ng Pilipinas (BSP) Governor Nestor A. Espenilla Jr. said Friday. They specially watch peso movements that are “not consistent with underlying economic fundamentals and take appropriate action when necessary.”

    “We recognize that the market is also often self-correcting,” Espenilla added.

    The peso opened higher at P50.90 from Thursday’s closing of P50.79.

    Citi managing director Johanna Chua, head of Asia Pacific economic and market analysis, said they think the peso will close at P51.1:$1 this year and that the current level is just a natural adjustment, a reaction of global and regional foreign exchange or FX movements.

    A number of countries have weaker currencies, said Chua. “Weaker exchange is a natural buffer (and we often see) the BSP talking sanguine about the weaker currency.” In the next months, she said their “bias and expectation of peso-dollar dollar exchange (is it) will head higher.” The bank’s P51.1 forecast is good for six to 12 months.

    Metropolitan Bank and Trust Co. research group expects the peso to range at P50 to P50.95 this week. (Lee Chipongian, mb)

    Share

    New Posts Recently publish post More

    • 04 April 2024
      2 weeks ago No comment

      Filipinos report racism in Canadian community sports

      Filipinos are likely to experience or witness racism during community sports in Canada. This finding was part of the data released by Statistics Canada following its latest survey of participation and experiences in community sports. The national statistical agency defines “community sports” as “organized sports, including those played in ...

    • 21 March 2024
      4 weeks ago No comment

      Canada eyes space cooperation with Philippines

      The Philippines held its first space cooperation conference on March 19, 2024 as the country seeks to explore opportunities presented by the heavens. The conference was organized by the Stratbase Albert del Rosario Institute for Strategic and International Studies, a Metro Manila-based think-tank; the fledgling Philippine Space Agency; and ...

    • 14 March 2024
      1 month ago No comment

      Mable endorses campaign for Benson Flores marker

      Mable Elmore is supporting the campaign to raise funds for a memorial marker for pioneer immigrant Benson Flores. Elmore is the Member of the Legislative Assembly of British Columbia for Vancouver-Kensington, which is also home to Mountain View Cemetery where Flores is buried in an unmarked grave. MLA Elmore ...

    • 07 March 2024
      1 month ago No comment

      Quiboloy church linked to fake marriages in Canada

      Some 100 allegedly fraudulent marriages in Canada are connected to the religious group led by the spiritual adviser of now former Philippine president Rodrigo Duterte. This stunning allegation was made on March 5, 2024 by Dindo Maquiling, a former follower of Apollo Quiboloy. Maquiling is a former executive director ...

    • 07 March 2024
      1 month ago No comment

      MP Valdez Visits Vancouver

      Liberal MP Rechie Valdez visited Vancouver to meet with BC Business owners at the Dubai National Air Travel Agency (DNATA) Catering in Richmond recently. The meet and greet was an opportunity for local businesses to dialogue directly with Valdez whose portfolio includes small businesses. The roundtable discussion was led ...

    %d bloggers like this: