Peso strengthens, stocks fall amid extended ECQ

The Philippine peso strengthened against the US dollar on Monday while stocks declined due to risk aversion from the ongoing coronavirus pandemic.

The PSEi dropped by 0.27 percent or 14.53 points to close at 5,450.45, with a mix of gains and losses among sectors but most ending down.

President Duterte extended the enhanced community quarantine (ECQ) until May 15 for Metro Manila, Central Luzon, Calabarzon, and other high-risk areas due to rising COVID-19 cases.

The prolonged lockdown is expected to have adverse effects on employment as more overseas Filipinos return home due to job cuts.