Peso weakens to P51:$1 amid quarantine concerns

The Philippine peso further weakened against the US dollar, reaching the P51:$1 level due to concerns over the economic impact of the Metro Manila community quarantine.

The peso shed 18 centavos, closing at P51.03:$1 from P50.85:$1 on Thursday.

Economist Michael Ricafort cited the community quarantine as a factor, potentially leading to slower economic growth and increased demand for basic commodities.

President Rodrigo Duterte announced the travel restriction to and from Metro Manila from March 15 to April 14 to contain the spread of COVID-19.

Ricafort also noted that the Bangko Sentral ng Pilipinas' monetary policy meeting on March 19, where a rate cut is possible, will be a major factor for the peso next week.

Future developments regarding the coronavirus and government measures against it will also influence the peso's exchange rate.