Peso expected to strengthen amid reopening

The peso is expected to strengthen this week as more businesses reopen under relaxed quarantine measures.

On Friday, the peso closed at P48.62 per dollar, weakening by four centavos from Thursday's close of P48.58.

Moody’s Investors Service downgraded its outlook for the Philippine economy, projecting a 7% GDP contraction this year compared to an earlier forecast of 4.5%. The government predicts a 4.5-6.6% contraction.

Analysts like RCBC Chief Economist Michael L. Ricafort expect the peso to rebound as economic activities resume following easing lockdown measures.