Peso continues winning streak to carve another three-year high

The Philippine peso continued its winning streak against the dollar for the second consecutive trading day on Tuesday, carving another fresh three-year high.

The local currency gained 12 centavos to close at P48.5:$1 from Monday's finish of P48.62:$1. This is the strongest in over three years since the unit closed at P48.48:$1 on November 4, 2016.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributed Tuesday's appreciation to the approval of the Bayanihan II Bill.

"Peso continued to strengthen after the House of Representatives approved the Bayanihan 2 Bill, after earlier approved by the Senate, now for signing by President Duterte," he said in a mobile message.

The House of Representatives on Monday ratified the Bayanihan to Recover As One Act, which is now up for the signature of President Rodrigo Duterte.

"Peso also stronger after the continued weakness in the US dollar vs. major global currencies with less demand for the US currency as a safe haven as US stock markets mostly posted new record highs and global stock markets also most gained amid optimism on positive developments on possible vaccines/treatments for COVID-19," said Ricafort. -MDM, GMA News