Peso weakens vs dollar on rising virus cases

The Philippine peso weakened against the US dollar on Friday due to rising coronavirus cases in the country, but recovered slightly as stocks rebounded.

On Friday, March 13, 2020, the peso closed at P51.03 per dollar, down from Thursday’s close of P50.85 and last week's P50.64.

UnionBank Chief Economist Ruben Carlo O. Asuncion attributed the currency’s decline to an increase in local COVID-19 infections, particularly in Metro Manila.