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Peso falls to P59 against dollar amid Trump's tariff plans

Business | Banking & Finance

Peso falls to P59 against dollar amid Trump's tariff plans

The peso fell again to the P59 mark against the dollar on Tuesday, Nov. 26, primarily due to US President-elect Donald Trump’s intention to impose additional tariffs on products from several countries.

Data from the Bankers Association of the Philippines showed that the local currency fell by 0.01 centavo from the closing rate of P58.99 against the dollar on Monday.

On Tuesday, the peso started trading at P58.98 against the dollar, peaked at P58.95, and fell to a low of P59.

The dollar trading volume also declined to $872.78 million, from $1.056 billion on Monday.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), pointed out that the peso’s centavo decrease corresponds to the record-low level reached in October 2022 and was seen again last week.

Ricafort linked the peso's drop to Trump’s comments about signing an executive order that would impose a 25 percent tariff on goods from Mexico and Canada and a 10 percent tariff on China, dependent upon China tackling fentanyl smuggling.

He noted that these developments have increased market uncertainty.

In addition to international influences, domestic political events also played a role in the peso's fluctuations.

Over the weekend, Vice President Sara Duterte made contentious statements suggesting violence against President Marcos Jr., which she subsequently explained were not threats but rather expressions of concern for her safety.

Looking ahead, Ricafort said there is a possibility for the peso to strengthen following the upgrade in S&P Global Ratings’ outlook on the Philippines from stable to positive.

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