BusinessWorld Online
Peso weakens vs dollar
The Philippine peso weakened against the US dollar on Thursday, influenced by the country's economic contraction in the first quarter of 2020.
The local currency depreciated by 10 centavos, closing at P50.56:$1 compared to the previous day's P50.46:$1.
Market participants reacted to the Gross Domestic Product (GDP) data, which showed a 0.2% contraction, a result that surprised many and fell short of forecasts.
This economic performance is the weakest the Philippines has experienced in over two decades, with the last comparable downturn being -0.5% in the fourth quarter of 1998.
The disappointing first-quarter figures are expected to lead to downward revisions of full-year economic outlooks.
🤖
This story was generated by AI to help you understand the key points. For more detailed coverage, please see the news articles from trusted media outlets below.
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 economy unexpectedly declined by 0.2% in the first quarter of 2020, marking the first contraction since the fourth quarter of 1998.
+2
Read more →
Fitch Solutions Macro Research projects the Philippine economy could contract by as much as 2% in 2020 due to the COVID-19 pandemic and lockdown measures.
+1
Read more →
The Philippine peso ended Wednesday sideways against the US dollar, closing at 50.46 from 50.52 on Tuesday.
Read more →
Philippine share prices declined on Friday, with the PSEi losing 0.55%, due to investor concerns over the economic repercussions of the COVID-19 pandemic.
Read more →
The Philippine Stock Exchange Index (PSEi) closed higher by 0.25% on Thursday, with investors seemingly unconcerned by the country's first-quarter GDP contraction.
Read more →