Peso strengthens as GCQ renews market optimism

The Philippine peso appreciated against the US dollar on Monday, driven by optimism on the easing of quarantine restrictions across the country.

The local currency gained 29 centavos to close at P50.32:$1 from last Friday's finish of P50.61:$1.

According to a foreign exchange trader from a local bank, Monday's appreciation came as Metro Manila was put under a general community quarantine (GCQ).

"Peso strengthened on renewed optimism with businesses allowed to operate under GCQ," the trader said in a phone interview.

Starting June 1, Metro Manila along with several other areas, was placed under GCQ which allows more businesses to reopen and restart operations.

This comes after two months under the enhanced community quarantine (ECQ) and two weeks under the modified enhanced community quarantine (MECQ) where only essential businesses were allowed to operate. —LDF, GMA News