Peso retreats on COVID-19 fears

The Philippine peso retreated against its US counterpart on Tuesday, dragged by concerns over the coranarivus disease 2019 (COVID-19).

The local currency shed 7.5 centavos to close at P50.645:$1 versus Monday's finish of P50.57:$1.

"The market is now pricing in the potential impact of COVID-19 on business given the increase in numbers being reported," a foreign exchange trader from a local bank said in a phone interview.

This comes as Apple Inc. warned that it will not meet its revenue guidance for the first quarter of the year as the coronavirus outbreak slowed production and weakened demand in China.

"The warning from the most valuable company in the United States sobered investor optimism that economic stimulus by Beijing and other countries would protect the global economy from the effects of the epidemic," Reuters said in a report. — Jon Viktor D. Cabuenas/RSJ, GMA News