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Peso depreciates further on budget uncertainties
The Philippine peso weakened against the US dollar for the second consecutive trading day, closing at P48.535:$1 on Tuesday, October 13, 2020.
This depreciation is attributed to continued uncertainties surrounding the timely passage of the 2021 national budget, exacerbated by a leadership dispute at the House of Representatives.
The House officially recognized Representative Lord Allan Velasco as Speaker on Tuesday, following a squabble with Taguig Representative Alan Peter Cayetano.
Both Velasco and Cayetano have committed to President Rodrigo Duterte to ensure the timely passage of the 2021 budget.
The business sector has urged politicians to prioritize the country's needs over personal interests to avoid a budget reenactment.
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The Philippine peso strengthened against the US dollar, closing at P48.305 on Friday, its strongest in nearly four years.
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The Philippine Stock Exchange index (PSEi) closed lower on Friday due to investor concerns about potential delays in the enactment of the 2021 national budget.
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The Philippine peso ended the week slightly stronger against the US dollar, closing at 48.305 on Friday, its strongest performance since October 24, 2016.
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Lawmakers allied with former Speaker Alan Peter Cayetano urged their colleagues to prioritize the 2021 national budget over leadership changes in the House of Representatives.
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