Peso hits fresh three-year high vs USD
On Tuesday, the Philippine peso strengthened against the US dollar, reaching its highest level since November 2016.
The currency closed at P48.5:$1, an improvement from Monday's rate of P48.62:$1.
This strengthening was attributed to the approval of the Bayanihan II Bill by both the Senate and House of Representatives.
Ricafort noted that global optimism over potential COVID-19 vaccines and treatments also contributed to the peso’s strength, alongside a decline in US dollar demand as a safe-haven asset.
The Philippine Stock Exchange index (PSEi) recovered slightly after three days of declines, rising by 0.17 percent to 5,953.44 points.
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