The peso vis-à-vis the US dollar closed slightly stronger at P52.37 on Tuesday, May 10, a day after the national elections where former Senator Ferdinand Marcos Jr., is emerging winner based on unofficial quick counts.
The local currency opened at P52.49 from Friday’s close of P52.50. It hit a low of P52.35.
Total volume, meantime, dropped to $691.6 million versus the previous closing of $878.50 million.
Metrobank unit First Metro Investment Corp. and its research partner, the University of Asia and the Pacific, said in a report that the peso will remain weak “for as long as crude oil prices fluctuate mildly around $100/barrel and the US economy’s recovery (and the US dollar) remains strong.”
“Despite the developments in Ukraine, BSP (Bangko Sentral ng Pilipinas) will likely raise policy rates only after the elections and the PSA (Philippine Statistics Authority) reports robust Q1 (first quarter) economic growth performance,” they said.
The PSA will release the first quarter report on May 12.
The official counting and canvassing of votes have started, but quick counts showed Marcos as leading the presidential race versus Vice President Leni Robredo.
The market, especially the exchange rate market, is still waiting results of the official election results from the Commission on Elections and the non-partisan Parish Pastoral Council for Responsible Voting or PPCRV.