Peso back to ‘57 vs $1’ territory

The Philippine peso returned to the 57:$1 territory after lingering at 58:$1 and weaker in the past five weeks, as local authorities moved to shore up the local currency’s position against the US dollar, which itself has gone through some corrections.

The local currency closed on Friday at 57:97:$1 after firming up to as strong as 57:82 during the trading day.

This happened after President Marcos’ comment last week that the government was ready to “defend” the peso, considering that further weakness could exacerbate high inflation.

Such statement from the President was followed by similar comments from both Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla and Finance Se…

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