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Peso slumps back to record-low P59:$1
The Philippine peso depreciated to P59:$1, matching a record-low last seen on November 26.
This marks the fifth consecutive trading day of depreciation for the local currency.
The Bangko Sentral ng Pilipinas (BSP) announced a 25-basis-point rate cut.
RCBC chief economist Michael Ricafort cited the rate cut and a slightly higher inflation estimate for 2025 as reasons for the peso's slump.
The BSP now expects inflation to average 3.2% this year, an increase from the previous 3.1% outlook, due to weather disturbances.
The depreciation was also influenced by the release of November's balance of payments data, which showed a $2.276-billion deficit, the widest since September 2022.
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