Peso rises amid Greece's debt woes

The peso recovered on Tuesday as profit-taking on the dollar put a drag on the US currency while optimism about the local economy amid the Greek debt crisis buoyed the Philippine unit. 

 

The peso gained 10 centavos to 45.09:$1, from the previous close of 45.19. 

 

The local currency lost 10.5 centavos to the dollar Monday as investors turned to safe haven assets like the greenback amid the uncertainties surrounding Greece's debt. 

 

The dollar weakened partly due to profit-taking, said Security Bank Corp. First Vice President for Treasury Andre Ibarra III told GMA News Online.

 

He said, however, that the debt crisis embroiling Greece is unlikely to persist for long as the Greeks are also looking for a way out of the problem.

 

The peso also strengthened on expectations that a possible Greek debt default and eurozone exit will only have minimal impact on the Philippine economy.

 

"Although there might be spillover effects, the local economy is expected to survive the Greek crisis since the country’s fundamentals remain strong," MetisEtrade Inc. analyst Cherica Vicente said in a separate statement. – VS, GMA News