Peso climbs to P57:$1 level 

The Philippine peso closed the week on a strong note against the US dollar as it appreciated back to the P57:$1 level.
 
The local currency gained 25 centavos to close at P57.97:$1 from Thursday’s finish of P58.22:$1.
 
This is the strongest close for the peso since September 20, 2022, when it closed at P57.48:$1 and the furthest easing so far since the peso closed to its record low of P59:$1 on October 3, 10, 13, and 17, 2022.
 
“The stronger peso exchange rate recently has been largely brought about by the expected seasonal increase in OFW (overseas Filipino workers) remittances and conversion to pesos that are needed to finance travel and other holiday-related spending ahead and during the long holiday weekend,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said in a commentary.
 
Ricafort also said that the US dollar corrected lower against major global currencies “after mostly softer US economic data recently that could potentially reduce the aggressiveness of further Fed rate hikes in the quest to significantly bring down elevated US inflation from 40-year highs recently.”
 
Since the start of 2022, the peso has weakened against the dollar by P6.97 or 13.7% from P50.999:$1 as of the end of 2021. — VBL, GMA News