Connect with us

Hi, what are you looking for?


Peso rises vs dollar on proposed stimulus

THE peso rose as investors were optimistic about a proposed stimulus package. — BW FILE PHOTO

THE PESO gained against the greenback on Wednesday, supported by hopes for the timely passage of key measures that could help the economy rebound from the coronavirus crisis.

The local unit finished trading at P48.038 per dollar yesterday, appreciating by 1.1 centavos from its previous close of P48.049, data from the Bankers Association of the Philippines showed.

The peso opened the session at P48.04 versus the dollar. Its weakest showing for the session was at P48.045 while its intraday best was its close of P48.038 against the greenback.

Dollars traded increased to $897.5 million on Wednesday from $357.6 million on Tuesday.

The peso gained ground versus the dollar on the back of legislative developments seen to help in the economy’s recovery from the recession caused by the pandemic, a trader said in an e-mail.

“The peso appreciated on hopes of the eventual passage of the CREATE (Corporate Recovery and Tax Incentives for Enterprises) bill and the prospects of a Bayanihan 3 bill from the Lower House,” the trader said.

The CREATE bill looks to bring down corporate income tax to 25% from 30% and streamline fiscal incentives. It is now awaiting President Rodrigo R. Duterte’s signature.

Meanwhile, House Speaker Lord Allan Jay Q. Velasco and Marikina Representative Stella Luz A. Quimbo filed House Bill No. 8628 or the Bayanihan to Arise As One Act which could provide another P420 billion to the country’s pandemic response. Among its key features are a P108-billion cash assistance for households and P100 billion to fund capacity building of critically affected businesses.

Another factor that boosted the peso’s strength was the local stock market’s gains, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Local shares continued to climb on Wednesday as the rise in global coronavirus cases slowed and on expectations that the central bank will keep rates low at its meeting today (Feb. 11).

The benchmark Philippine Stock Exchange Index (PSEi) rose by 16.6 points or by 0.23% to 7,082.15, while the all shares index increased by 10.88 points or 0.25% to 4,260.81.

Bangko Sentral ng Pilipinas (BSP) Monetary Board member Felipe M. Medalla said in a briefing on Tuesday that increasing the country’s interest rate “is not in the picture.” He added that they are taking into account the impact of key rates on financial security as the country recovers from the pandemic.

The BSP will meet to review its policy settings on Thursday, Feb. 11.

For today, the trader gave a forecast range of P48 to P48.10 while Mr. Ricafort expects the local unit to play around a tighter band of P48.02 to P48.06 per dollar. — 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!



KAI Sotto has taken his talents from Australia to Japan to play for the Hiroshima Dragonflies. The Dragonflies yesterday announced the signing of the...


AFTER a 17-year wait, Grandmaster (GM) Darwin Laylo is back on top as the country’s top chess player. The 42-year-old Mr. Laylo recalled the...


PHILIPPINE pool queen Rubilen Amit is far from calling it a career. But when the time comes, she hopes to leave a legacy not...


CAVITE Governor Jonvic Remulla will take the place of Samahang Basketbol ng Pilipinas (SBP) President Al Panlilio as the country’s chef-de-mission (CDM) to next...


THE PREMIER League (PL) has referred Manchester City to an independent commission over more than 100 alleged breaches of finance rules since the club...


PHOENIX Suns President and CEO Jason Rowley resigned Monday, hours before the team’s sale was officially approved by the National Basketball Association (NBA) Board...

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.