Peso strengthens to P57 vs dollar

The Philippine peso strengthened back to the P57 per dollar level, recovering from its record low reached just last week.

The peso closed at 57.845 on Friday, December 27, a rebound from its historic low of 59 to the dollar on December 19.

The local currency gained 12.5 centavos on the last trading day of the year amid monetary interventions.

Analysts had anticipated a peso recovery due to the expected seasonal increase in remittances from overseas Filipinos during the Christmas season.

The peso lost P2.475 of its value against the greenback year-on-year, closing at P55.37:$1 on December 29, 2023.

Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that the record low of 59.00 has been respected for more than two years.

Ricafort also stated that the peso's future performance would partly depend on intervention to manage inflation and maintain price stability.