Peso slightly down as market awaits quarantine guidelines

The Philippine peso closed almost unchanged on Tuesday, as market players awaited guidance on the quarantine protocols being implemented by the government to curb the spread of the coronavirus disease 2019 (COVID-19).

The local currency closed at P50.31:$1, a centavo weaker than Monday's finish of P50.3:$1.

"The peso weakened slightly as market participants remained cautious prior to the announcement of new government quarantine policies later today," Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said in an email interview.

Metro Manila, along with several "high-risk areas," has been on lockdown since March 17, with the ECQ already having been extended twice to last until May 15.

The government on Tuesday also announced that such areas will then be placed under a modified ECQ from May 16 to 31, paving the way for limited movement and transportation. — Jon Viktor D. Cabuenas/RSJ, GMA News