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Peso rallies on Metro Manila shift to GCQ


The Philippine peso appreciated against the dollar on Friday as expected boost in economic activity following Metro Manila’s shift to general community quarantine in June increased the attractiveness of the local unit.

The local currency gained 8 centavos to close at P50.61:$1 from Thursday’s finish at 50.69.

“Peso [is] stronger after lockdown further eased in Metro Manila and in other areas around the country, thereby could lead to pick up in business/economic activities and improvement in investment valuations,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said.

President Rodriggo Duterte placed Metro Manila under a more relaxed GCQ starting June 1. 

Duterte added that Davao City will remain under GCQ, while Regions 2, 3, 4A, and the provinces of Pangasinan and Albay will also be placed under GCQ "until we have reviewed the general situation."

The GCQ will pave the way for more businesses to reopen and for a percentage of workers to return to work provided that health protocols like social distancing and wearing of face masks are observed. —LDF, GMA News

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