Peso weakens to P55.09 to a dollar; PSEi up 0.16 percent

ABS-CBN News

Posted at Jul 01 2022 06:05 PM

MANILA - The Philippine peso weakened further on Friday closing at P55.09 to a dollar from its previous close of P54.975, data from the Bankers Association of the Philippines showed.

But according to Trading Edge Consultancy chief investment strategist Ron Acoba, more than the foreign exchange rate, it is crucial for the peso to stabilize.

"What you want for the peso is for it to really stabilize. It doesn’t matter if it stabilizes at say P50 level or around P55 level. What is important is for it to be predictable and stable," Acoba told ANC. 

Economists have said a weak peso would benefit overseas Filipino workers, exporters as well as the Business Process Outsourcing Sector. 

Meanwhile, the PSE Index recovered with modest gains closing at the 6,165.35 level, up 0.16 percent on Friday after 2 straight days of decline.

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