Peso hits record low, weakens to 59.13:$1

The peso depreciated for the 10th straight trading day to close at 59.13 against the dollar yesterday, marking a new record low amid market concerns over slower economic growth and expectations of further monetary easing.

- KEISHA TA-ASAN

Data from the Bankers Association of the Philippines showed that the local currency slid by 23 centavos from its 58.9 finish on Wednesday. This is lower than the close recorded on Dec. 19, 2024, when the peso reached 59 versus the greenback.

The peso opened at 58.90 yesterday, which was also its intraday best. The exchange rate touched an intraday low of 59.20 before settling at 59.13 at the end of the day.

Trading volume went up by nine percent to $1.75 billion yesterday from $1.6 billion on Monday.

The local currency has depreciated by P1.285 or 2.2 percent from its 57.845 to $1 close on Dec. 27, 2024.

In a statement, the Bangko Sentral ng Pilipinas (BSP) said the recent weakness of the peso may be due to market concerns over slower economic growth and expectations of further monetary easing.

"The BSP allows the exchange rate to be determined by market forces," the central bank said in a statement yesterday, after the peso breached the 59-per-dollar level on Monday, its weakest level in 10 months.