Connect with us

Hi, what are you looking for?


Peso climbs on factory output, labor data

THE PESO appreciated versus the greenback on Tuesday amid softer factory output data, which could translate to a slower recovery in imports. 

The local unit closed at P48.48 versus the dollar, gaining 8.1 centavos from its previous finish of P48.561, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s trading session at P48.655 per dollar. Its weakest showing was at P48.67 while its intraday best was at P48.47 against the greenback.

Dollars traded increased to $890.25 million yesterday from $685.98 million on Monday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s gains to the softer manufacturing data released on Tuesday, which could mean a slower recovery in imports.

Preliminary results of the Monthly Integrated Survey of Selected Industries (MISSI) reported by the Philippine Statistics Authority (PSA) showed factory output gauged through volume of production index dropped 16.7% year on year in January, steeper than the 12% decline in December and a reversal of the 1.9% growth a year ago. It also marked the 11th straight month of a contraction in factory output.

Meanwhile, a trader said the peso was supported by the steady unemployment rate recorded in January.

The country’s jobless rate stood at 8.7% in January, unchanged from October last year but still higher than the 5.3% a year earlier, the Philippine Statistics Authority reported on Monday. However, unemployed Filipinos rose to 3.953 million from 3.813 million in October and was also higher than the 2.391 million in January 2020.

For today, Mr. Ricafort gave a forecast range of P48.42 to P48.55 per dollar while the trader expects the local unit to move within the P48.40 to P48.60 levels. — 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Your email address will not be published.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!



The national pig herd has lost-one tenth of all sows over the last six months, farmers’ associations have revealed, after breeders were forced into...


EasyJet plunged £213 million into the red in the Christmas quarter and is still burning through £150 million in cash each month, putting its...


A new range of healthy yet indulgent cookies will launch in Booths this month for just £1 per pack with the UK-born snacks by...


Payments firm has raised $1bn (£730m), giving it a $40bn (£29bn) valuation and crowning it the UK’s most valuable private fintech. The London-headquartered...


Sylvera, a UK-based startup that provides ratings for carbon offsets, has raised $32.6m (£24.1m) in a Series A funding round to accelerate and expand...


UK-based fintech Everything has raised €2m (£1.67m) to reinvent a decades-old financial product: premium bonds. The raise was led by a group of angel...

You May Also Like


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


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


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


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

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.