Philippine shares, peso dip on COVID-19 lockdown fears, illicit fund allegations

Philippine shares and the peso declined due to renewed worries about potential COVID-19 lockdowns in Europe and allegations of illicit money movement by major global banks.

The PSEi, the main stock index, fell by 15.04 points or 0.26% to close at 5,894.28, while the peso depreciated to 48.46 to a US dollar.

Concerns over rising COVID-19 cases in Europe, with the UK considering another lockdown, threaten economic recovery and could further pressure equity markets.

A report revealed that five global banks, including JPMorgan, HSBC, Standard Chartered, Deutsche Bank, and Bank of New York Mellon, allegedly facilitated the transfer of illicit funds despite warnings from US officials.

These transactions, amounting to over USD2 trillion processed between 1999 and 2017, involved suspicious activity reports filed by major banks with the US Treasury Department's Financial Crimes Enforcement Network (FinCEN).