Peso weakened back to P50:$1 level as announcement of quarantine guidelines post-June 15 delayed, economist says

Published June 11, 2020 06:12 PM By JON VIKTOR D. CABUENAS,GMA News

The Philippine peso ended the trading week back at the P50:$1 level on Thursday, given the lack of quarantine guidelines to be implemented by next week.

The local currency lost 34.5 centavos to close at P50.195:$1 from Wednesday's finish of P49.98:$1.

Land Bank of the Philippines chief economist Guian Angelo Dumalagan attributed Thursday's depreciation to lack of guidelines post-June 15 when the general community quarantine (GCQ) is set to lapse.

"The peso weakened due to some caution ahead of the long weekend as the formal announcement of local quarantine policies were deferred to Monday," he said.

Metro Manila, along with several high-risk areas, was under the enhanced community quarantine

(ECQ) from March 17 to May 15, followed by a modified enhanced community quarantine (MECQ) until May 31.

A general community quarantine (GCQ) has since been put in place from June 1 to 15, but no guidance has been given what follows.

Malacañang earlier on Thursday said President Rodrigo Duterte will make the announcements regarding the community quarantine on Monday, June 15.

There will be no trading on Friday, June 12, in celebration of the Philippine Independence Day which was earlier announced as a regular holiday. — RSJ, GMA News

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