Peso weakens on COVID-19 concerns, rebounds as oil prices drop
The Philippine peso weakened on Wednesday due to concerns over the economic impact of COVID-19 related lockdowns.
Land Bank economist Guian Angelo Dumalagan attributed the slight depreciation to global market caution regarding the effects of lockdown measures both locally and internationally.
On Monday, however, the peso rebounded as global oil prices dropped to new lows in more than 18 years, reducing demand for oil and causing a supply glut.
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