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Manila Bulletin devider Business devider Banking & Finance devider Peso breaks 59 barrier again amid strong US dollar

Peso breaks 59 barrier again amid strong US dollar

Published Dec 19, 2024 09:24 am

The peso continued its downward slide, depreciating further as it returned to the 59 level against the US dollar.

According to data from the Bankers Association of the Philippines, the peso depreciated by 0.01 centavo from Wednesday’s finish of P58.99 against the greenback. 

During the session Thursday, the peso opened at P59 against the dollar. It was intraday best P58.98 while its intraday low stood at P59.

The trading volume for dollars increased  to $1.09 billion on Thursday from $884.55 million on Wednesday.

On Thursday, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said the central bank has no target level for the exchange rate. But it has “some assumptions that help us with the budget and help other parts of the government with the budget.” 

“We are concerned about the pass through. The pass through tends to become important when there’s enough depreciation. So there’s kind of a threshold and we’re still trying to refine our estimates of that threshold,” Remolona said.

“But at some point, if the peso keeps depreciating, it begins to have an effect on inflation. For now, the effect has been modest so it hasn’t been a big factor in our discussions,” he added.

According to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), the peso’s declining strength was pressured by a stronger US currency, rising Treasury yields, and concerns over a widening balance of payments deficit.

These factors, along with inflationary pressures and global economic uncertainties, are expected to continue weighing on the peso.

He said that with higher inflation estimates for 2025 and a stronger global demand for the dollar, the local currency’s weakness is expected to persist, adding to concerns about inflation and import costs in the Philippines.

“For tomorrow, the US dollar/peso exchange rate could range at the 58.85-59.00 levels,” Ricafort forecasted, citing seasonal OFW remittances supporting the peso amid the Christmas spending surge. 

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