Peso weakens over COVID-19 concerns

The peso may continue to weaken this week due to concerns over the economic impact of COVID-19.

On Friday, the peso closed at P51.03 per dollar, a decline from Thursday's close of P50.85 and last week’s P50.64.

UnionBank Chief Economist Ruben Carlo O. Asuncion attributed the depreciation to rising domestic COVID-19 cases in Metro Manila.

Rizal Commercial Banking Corp. Chief Economist Michael Ricafort noted that the weaker peso came after President Duterte announced a community quarantine for Metro Manila from March 15 to April 14, which could slow economic growth and increase inflation.