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Peso continues losing streak on remittance figures, rise in COVID cases
By JON VIKTOR D. CABUENAS, GMA News The Philippine peso depreciated against the US dollar for the second consecutive trading session on Monday, as the market digested the latest remittance figures.
The local currency lost 15 centavos to close at P50.345:$1 from last Thursday's finish of P50.195:$1. There was no trading on Friday, in celebration of the Philippine Independence Day.
According to Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort, Monday's depreciation came as players reacted to the latest data on remittance inflows which came before the market closed for a long weekend.
"The peso exchange rate closed weaker today at P50.345:$1, the weakest in more than two weeks or since May 29, 2020's vs. Thursday's P50.195:$1 after the latest decline in OFW remittance data," he said in a mobile message.
The Bangko Sentral ng Pilipinas (BSP) late Thursday reported remittances at a four-month low in March -- personal remittances down to $2.652 billion, and cash remittances down to $2.397 billion.
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"Peso is also weaker after the recent increase in new COVID-19 cases in the country and no decision yet on whether or not to relax/ease the GCQ in Metro Manila and in other regions/areas," said Ricafort.
As of Sunday, June 14, the Philippines has so far registered a total number of confirmed COVID-19 cases of 25,930. This includes 5,954 recoveries and 1,088 deaths.
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 as of this posting.—AOL, GMA News