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Peso extends losing streak vs. US dollar

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The Philippine peso depreciated against the US dollar on Monday to mark its fourth consecutive day of declines.

The local currency lost 19 centavos to close at P47.89:$1 versus last Friday's finish of P47.7:$1.

Monday's decline came as market players weigh the possible easing of restrictions with the general community quarantine (GCQ) in the NCR Plus bubble set until June 30.

"The peso exchange weaker today vs. the US dollar... ahead of the possible easing of the quarantine classification of NCR Plus to ordinary GCQ, alongside with additional measures to reopen the economy that could to faster recovery for imports as well," Michael Ricafort, chief economist at the Rizal Commercial Banking Corporation (RCBC), said in a mobile message.

The NCR Plus bubble—Metro Manila, Cavite, Laguna, Bulacan, Rizal—remains under "GCQ with heightened restrictions" until June 30.

Malacañang has yet to give guidance on what the next quarantine level for the region will be, but presidential spokesperson Harry Roque Jr. said a shift to a modified GCQ is still unlikely.

Ricafort also attributed the peso's softening to the latest central bank data on gross international reserves (GIR) which fell to $106.98 billion as of end-May. — BM, GMA News

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