Connect with us

Hi, what are you looking for?

Economy

Peso strengthens after euro debt issue

The peso closed stronger Friday after the government shored up its fiscal position by issuing 2.1 billion euros worth of bonds.

The peso closed at P48.381 against the dollar Friday, against its P48.41 close on Thursday, according to the Bankers Association of the Philippines.

The peso opened the session at P48.39, with the intraday low at P48.40 and the high at P48.36.

Dollar volume rose to $666.47 million Friday from $595.5 million Thursday.

The peso was little changed from its week-earlier close of P48.38.

Also boosting sentiment was the expansion of the available vaccine supply, according to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., in a Viber message.

The government on Thursday raised 2.1 billion euros from a euro debt issue, according to the Bureau of the Treasury.

It sold 650 million million euros worth of four-year global bonds, another 650 million euros in 12-year notes, and 800 million euros worth of 20-year debt paper. Total tenders for the issue amounted to 6.5 billion euros.

The euro debt was issued less than a month after the government tapped the Japanese bond market on March 30, raising 55 billion yen from an issue of three-year notes.

“The peso was also stronger against the dollar on possible extension of MECQ (modified enhanced community quarantine in the National Capital Region) in NCR Plus as new coronavirus cases remained relatively high despite the hard lockdowns that started on March 29, 2021, as this could still result in a slower recovery in imports and in the broader economy,” Mr. Ricafort added.

The NCR and the adjoining provinces of Bulacan, Cavite, Laguna and Rizal were placed under ECQ for two weeks until April 11 amid surging case counts. Lockdown restrictions were eased to MECQ until April 30, with no word on further extensions.

The Health department reported 8,767 new cases Thursday, bringing the total to 971,049. Deaths have totaled 16,370 after 105 new deaths were recorded that day. — Beatrice M. Laforga

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Your email address will not be published.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!

Latest

Economy

NEW YORK/SAN FRANCISCO — People attending Pride celebrations hosted by LGBTQ+ (lesbian, gay, bisexual, transgender, queer/questioning) communities across the United States this weekend expressed...

Economy

The current rate at which individuals observe sustainability practices is far from halting climate change. Whether it is reducing the use of disposable items...

Economy

Leading digital solutions platform Globe was recently recognized by the ASEAN Innovative Business Platform (AIBP) for being a trailblazer on environmental, social, and governance...

Economy

  Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their...

Economy

NEW TAXES may have to be introduced to fund the incoming Marcos administration’s priority projects, but the timing would have to be carefully considered,...

Economy

By Revin Mikhael D. Ochave, Reporter AS FERDINAND R. MARCOS, JR. is poised to assume office on June 30, business groups are hoping the...

You May Also Like

Investing

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

Economy

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...

Investing

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

Investing

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: SmartRetirementReport.com, 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.