Peso weakens to P50:$1, may help exports but raise costs

The Philippine peso's depreciation to P50 per dollar may provide a mild boost to the struggling export sector, but will be offset by higher input costs due to more expensive imported raw materials.

Philexport chairman George T. Barcelon said this development could help both exporters and remittance recipients, though import costs need monitoring.

The peso weakened further on Friday, returning to the P50:$1 level for the eighth consecutive day, its weakest in over a year.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the weakening peso to stronger global demand for the US dollar and data showing continued recovery in imports.