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Peso Closes 2024 at 57.845:$1
The Philippine Star
|December 28, 2024
The peso closed the year on a weaker footing compared to its finish in 2023 amid global uncertainties, including concerns on US economic policy under president-elect Donald Trump and persistent geopolitical tensions.
Based on data from the Bankers Association of the Philippines, the local currency depreciated by P2.475 to end yesterday's trade at 57.845 to $1 from the end-2023 level of 55.37 to $1.
On the last trading day of 2024, the peso gained 12.5 centavos from Thursday's 57.97 to $1.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said one of the major concerns of market players this year is the impact of protectionist policies potentially pursued by the US government once Trump is formally inaugurated into office.
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