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Peso sinks to P59 level again as growth concerns hit sentiment
Business World Philippines
|December 05, 2025
THE PESO on Thursday sank to the P59 level against the dollar, hitting an over two-week low, as expectations of another rate cut from the Bangko Sentral ng Pilipinas (BSP) next week due to dimming economic growth prospects weighed on sentiment.
The local unit closed at P59.022 per dollar, weakening by 10.2 centavos from its P58.92 finish on Wednesday, Bankers Association of the Philippines data showed.
This was the peso’s lowest close and was the first time it ended at the P59 level against the greenback in two weeks or since it finished at P59.065 on Nov. 20.
The peso opened Thursday’s trading session weaker at P58.95 against the greenback. Its intraday best was at P58.92, while its worst showing was at P59.17 versus the dollar, which is the local unit’s record-low close logged on Nov. 12.
Dollars traded declined to $1.29 billion on Thursday from $1.41 billion on Wednesday.
“The peso closed higher today on buying momentum after the recent comments from BSP regarding the local GDP (gross domestic product) outlook and possibilities of a rate cut,” a trader said in a phone interview.
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