Peso down on rising COVID-19 cases

The Philippine peso logged its third straight day of depreciation against the US dollar on Wednesday as the recent surge in new COVID-19 cases reduced the allure of the local unit.

The local currency shed 9 centavos to close at P48.725:$1 from Tuesday’s finish at 48.635.

“The peso exchange rate is weaker vs. the US dollar for the third straight day... after the recent increase in new COVID-19 local cases,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said.

As of Wednesday, the Philippines’ tally of coronavirus disease 2019 (COVID-19) cases rose to 635,698 after the Department of Health (DOH) reported 4,387 new infections.

This marks the sixth consecutive day where more than 4,000 daily cases were reported.

Meanwhile, the total active cases in the country continue to climb to another record-high of 61,733 cases this year.

“Peso also weaker today after the latest measures to restrict arrivals of people from overseas to 1,500 per day,” Ricafort said.

The Civil Aeronautics Board (CAB) ordered to limit the international inbound arrivals at the NAIA to a maximum of 1,500 passengers per day beginning 8 a.m. of March 18 until 8 a.m. of April 18, in a bid to prevent the spread of new COVID-19 variants in the Philippines. -MDM, GMA News