Connect with us

Hi, what are you looking for?


Peso climbs on Fitch move

THE PESO strengthened against the greenback on Tuesday, fueled by positive market sentiment on the affirmation of the country’s credit rating as well as progress on some vaccine deals.

The local unit ended trading at P48.051 versus the dollar yesterday, gaining 4.90 centavos from its Monday close of P48.10, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s session stronger at P48.08 per dollar. Its weakest point was at P48.09 while its intraday best was logged at P48.045 against the greenback.

Dollars traded inched up to $476.25 million on Tuesday from the $451.2 million seen on Monday.

“The peso strengthened after Fitch Ratings maintained its sovereign credit rating and outlook for the Philippines despite the ongoing pandemic,” a trader said in an email.

Fitch on Monday affirmed the country’s investment grade “BBB” rating with a stable outlook as government debt levels remained moderate and growth prospects are likely to be sustained even amid the pandemic.

The stable outlook means the sovereign rating may be kept in the next 18 to 24 months.

Deals to secure vaccines versus the coronavirus disease 2019 (COVID-19) also supported sentiment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“Progress on various COVID-19 vaccine supply deals for the Philippines lately also supported market sentiment on the peso,” Mr. Ricafort said in a text message.

National Government officials said 50,000 doses from Sinovac will be delivered by February. On Sunday, vaccine czar Carlito G. Galvez, Jr. also inked a deal with the Serum Institute of India for 30 million doses of Covovax.

Local government units in the National Capital Region have also secured doses of vaccines.

For today, Mr. Ricafort gave a forecast range of P48.03 to P48.08 per dollar while the trader expects the local unit to move within a wider band of P48 to P48.20. — LWTN

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Keisha B. Ta-asan, Reporter PHILIPPINE BANKS will continue to see improved profits this year, supported by better margins following the central bank’s rate...


THE PHILIPPINE government’s move to grant value-added tax (VAT) refunds for foreign tourists is expected to boost the tourism industry’s recovery from the coronavirus...


By Luisa Maria Jacinta C. Jocson, Reporter THE GOVERNMENT should diversify its major growth drivers to rely less on consumption as household spending is...


By Arjay L. Balinbin, Senior Reporter SMEC Philippines, Inc., a unit of Singaporean infrastructure and urban development consultancy company Surbana Jurong Group, said it...


THE Securities and Exchange Commission (SEC) warned the public against putting money in three entities, which are soliciting investments without first securing a license....


DMCI Holdings, Inc. and Union Bank of the Philippines are seen to improve their liquidity and stock valuation after their re-entry to the Philippine...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.