GMA News
Peso firms up despite nCoV concerns
The Philippine peso strengthened against the US dollar, closing at P50.83 from P50.96 on Thursday, despite concerns over the novel coronavirus.
This gain occurred despite the confirmation of the first novel coronavirus case in the Philippines on Thursday.
The peso's strengthening may also be partly due to signals from the Bangko Sentral ng Pilipinas (BSP) and the Department of Finance regarding potential monetary easing.
The death toll in China has risen to 213 with almost 10,000 infected, and the virus has spread to 18 other countries.
The World Health Organization (WHO) has declared the outbreak a global health emergency.
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The Philippine peso depreciated against the US dollar on Monday, closing at P50.835:$1, a loss of 2.5 centavos from Friday's close.
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The Philippine peso recovered on Friday, January 31, 2020, closing at P50.83:$1, following the World Health Organization's declaration of the novel coronavirus outbreak as a global health emergency.
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Local share prices and the peso declined due to worries about the impact of the novel coronavirus originating from China.
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Philippine shares rebounded on Wednesday, with the PSEi gaining 1.74% to close at 7,352.85, as investor worries about the novel coronavirus (nCoV) outbreak continued to dissipate.
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Philippine share prices continued to decline on Wednesday due to investor concerns over the novel coronavirus, with the PSEi index dropping by 0.09% to close at 7,462.31.
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