COVID-19 continues to weigh peso down

The Philippine peso retreated against the US dollar on Thursday, as the US Federal Reserve acknowledged risks caused by the coronavirus disease 2019 (COVID-19) outbreak.

The local currency lost 4 centavos to close at P50.58:$1 from Wednesday's close of P50.54:$1.

"The Fed remained on guard against implications of the COVID-19," a foreign exchange trader from a local bank said in a phone interview.

According to a report by Reuters, the US Federal Reserve acknowledged new risks caused by the COVID-19 in the latest minutes from the last policy meeting.

It also viewed the current monetary policy as appropriate for the time being, while monitoring risks to the global outlook.

In the Philippines, the Department of Health (DOH) on Thursday reported 17 new cases of persons under investigation (PUIs) for the COVID-19, bringing the total to 556. — MDM, GMA News