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Manila Bulletin devider Business devider Banking & Finance devider Trade deal optimism lifts peso to ₱56 level on Wednesday

Trade deal optimism lifts peso to ₱56 level on Wednesday

Published Jul 23, 2025 04:28 pm
The Philippine peso continued its gains against the US dollar as the foreign exchange (forex) market celebrated the latest trade deal between the trade giant US and the Philippines, with investors optimistic that the worst of the tariffs may have passed.
Data from the Bankers Association of the Philippines (BAP) showed that the peso appreciated further by 16.9 centavos against the US dollar on Wednesday, July 23, to close at ₱56.881 from $57.05 last Tuesday
The local currency reached an intraday high of ₱56.85, which was also its opening rate. It reached a low of ₱56.98.
Total trading volume increased to $1.51 billion from Tuesday’s $1.29 billion
According to Rizal Commercial Banking Corp. chief economist Michael Ricafort, the latest trade deal between U.S. President Donald Trump and Philippine President Ferdinand Marcos Jr. resulted in a “positive market reaction today, on the hopes that the worst of the tariffs could have been seen already.”
Trump decided to slightly reduce the tariff slapped on Philippine exports to 19 percent from the higher 20 percent previously. This, however, remains higher than the initial tariff rate of 17 percent.

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Peso US dollar exchange rate Philippine Dealing System Holdings Corporation
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