Peso ends flat as PSEi slips on oil price drop

The Philippine peso ended almost unchanged against the US dollar on Wednesday, closing at 50.8 to the greenback.

The Philippine Stock Exchange index (PSEi) slipped for the third consecutive day, ending at 5,573.75 points, down by 0.33 percent.

Regina Capital Managing Director Luis Limlingan cited the drop in international oil prices as a factor contributing to investors' risk-off sentiment.

Brent crude oil futures for June 2020 dropped to below US$12 per barrel in New York due to low demand from the Covid-19 pandemic.

OPEC+ ministers held an unscheduled conference call but agreed on no new policy measures, though Saudi Arabia indicated readiness for further action.

US President Donald Trump announced that his government is considering a plan to provide funds to the oil industry to prevent job losses.

In Europe, France reported its lowest number of patients in intensive care in three weeks, while Italy saw recoveries nearly matching new Covid-19 cases.

Meanwhile, Singapore will extend its lockdown by four weeks after experiencing a surge in new Covid-19 cases.