Peso retreats on COVID-19 concerns

The Philippine peso retreated against the US dollar on Wednesday, dragged by concerns on the economic impact of the global health crisis caused by the coronavirus disease 2019 (COVID-19).

The local currency lost a centavo to close at P50.8:$1 from Tuesday's finish of P50.79:$1.

According to Land Bank of the Philippines economist Guian Angelo Dumalagan, Wednesday's depreciation came as the market took into consideration the lockdowns implemented across the globe.

"The peso slightly weakened from broad market caution over the economic impact of the coronavirus-related lockdowns locally and abroad," he said in an email interview.

Locally, President Rodrigo Duterte earlier ordered an enhanced community quarantine in Luzon from March 17 to April 13. It has since been extended to last until April 30 given the rising number of confirmed cases of COVID-19. — RSJ, GMA News