Philippine Peso Strengthens Against US Dollar as Moody’s Affirms Credit Rating

The Philippine peso strengthened against the US dollar on Friday, closing at P49.44:$1 after Moody’s Investors Service affirmed the country's credit rating.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s strength to the affirmation of the country’s credit rating and noted that it reflects resilience in economic fundamentals despite the pandemic.

The peso has appreciated by PHP1.195, or 2.4%, since the start of the year.

In contrast, the Philippine Stock Exchange index (PSEi) declined by 0.96% to end at 6,088.75 points due to concerns over increasing local COVID-19 cases and potential tighter quarantine measures in Metro Manila.