Inquirer
Peso recovers back to 56 level in wake of tariff deal with US
The Philippine peso strengthened, closing at P56.881 against the US dollar, marking its best performance in over a week.
This rebound was primarily attributed to the finalization of a trade deal between the Philippines and the United States.
Under the new agreement, the Philippines secured a reciprocal tariff rate of 19% on its exports to the US, a slight reduction from the previously announced 20%.
While still higher than the 17% initially proposed by US President Donald J. Trump, this development has boosted investor sentiment.
The improved economic outlook led to increased trading volume, with $1.51 billion exchanged on Wednesday compared to $1.29 billion the previous day.
The peso opened the trading session stronger at P56.85 and maintained its gains throughout the day.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
The Philippine Stock Exchange Index (PSEi) surged back to the 6,400 level on Wednesday, mirroring gains in the US markets after the Philippines secured a slightly lower reciprocal import tariff rate from the United States.
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Philippine business groups are cautiously optimistic as the US announced a 19% tariff rate on Philippine goods, a reduction from a potential 20%, in exchange for the Philippines opening its market to US automobile imports with zero duties.
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The Philippine Stock Exchange index (PSEi) closed lower on Thursday, shedding 0.28 percent to 6,444.16, ending its three-day upswing.
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President Ferdinand Marcos Jr. hailed a one-percentage-point reduction in U.S. tariff rates on Philippine exports to 19 percent, resulting from bilateral talks with U.S. President Donald Trump.
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The Philippine Stock Exchange index (PSEi) closed higher on Monday, recovering from last week's decline due to bargain hunting and optimism surrounding upcoming trade talks between the Philippines and the United States.
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