Peso rebounds on COVID-19 vaccine optimism

The Philippine peso rebounded against the greenback on Wednesday, buoyed by optimism from the COVID-19 vaccine developments overseas.

The local currency gained 3 centavos to close at P48.05:$1 versus Monday's finish of P48.08:$1. There was no trading on Tuesday, December 8, in commemoration of the Feast of the Immaculate Conception of Mary special holiday.

Wednesday's appreciation came after the US health regulator released documents flagging no new safety or efficacy concerns on Pfizer Inc.'s COVID-19 vaccine.

"The peso slightly appreciated after the American Food and Drug Administration noted that the Pfizer coronavirus vaccine has no significant adverse findings that could impede its possible emergency use approval," Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said in an email exchange.

The Philippines on Wednesday reported 1,387 new confirmed cases of COVID-19, bringing the total tally to 444,164. This includes 408,942 recoveries and 8,677 deaths. -MDM, GMA News