Peso recovers on credible elections

The peso bounced back to P46:$1 level on Tuesday as the foreign exchange market reacted positively to the credible outcome of the May 9 elections.

The local currency gained 34 centavos to 46.750:$1 from 47.090 on Friday. Financial markets were closed on Monday for the national and local polls.

"Because the elections were peaceful and credible, the peso recovered today," Jose Domingo Santiago III, head of Research at UBS Philippines, told the GMA News Online.

"Given that Mar Roxas and Grace Poe conceded to the leading presidential candidate, Davao City Mayor Rodrigo Duterte, the outcome of May 9 elections is indeed credible," Santiago noted.

As of 3:30 p.m. Tuesday, the live partial and unofficial results of the transparency server of the Commission on Elections showed Duterte had 15,482,691 votes followed by Roxas with 9.354,897 and Poe with 8,668,602.

Nicholas Antonio Mapa, associate economist at the Bank of the Philippines, said it wouldn't matter whoever wins the elections: as long as there would be no anomalies the peso would bounce back.

"Today's performance shows that was true, with the peso appreciating as the elections returns erased all doubts as to who will be our next President," Mapa added. – VDS, GMA News