Peso weakens as COVID-19 cases surge
The Philippine peso weakened for several days due to rising COVID-19 cases.
On Wednesday, March 17, the peso closed at P48.725:$1, down from Tuesday’s close of P48.635.
As of Wednesday, total confirmed cases reached 635,698 with active cases hitting a record high of 61,733.
On Monday, March 15, the peso closed at P48.54:$1, its lowest in four months, after reporting 5,404 new daily cases, the highest since July.
The surge prompted Metro Manila to reimpose restrictions and implement a two-week curfew.
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