Peso hits near-three year high at P49:$1

The Philippine peso hit a near-three-year high of P49 to $1 on Friday, June 5, 2020.

This marks the strongest level since June 2017 and is attributed to easing inflation, fewer global COVID-19 cases, and improved business sentiment.

Rizal Commercial Banking Corp. chief economist Michael Ricafort cited S&P Global Ratings' affirmation of the country’s credit rating as a factor boosting the local currency.

The peso's appreciation also reflects weaker US dollar due to increased optimism about economic recovery in emerging markets like the Philippines.