Connect with us

Hi, what are you looking for?


Peso weakens after pickup in infrastructure spending

THE PESO weakened Friday after a pickup in infrastructure spending was taken by traders to mean an increase in dollar outflows stemming from expanded imports of raw materials and capital equipment. 

The peso closed at P47.945 against the dollar Friday, against the Thursday finish of P47.94, according to the Bankers Association of the Philippines.  

Week-on-week, the peso retreated from its P47.81 close on May 14. 

The peso opened Friday at P47.85. The low was P47.93, while the high was P47.84.  

Dollar volume was $941.25 million on Fridayagainst $979.8 million a day earlier.  

The government increased infrastructure spending in the second half of 2021, with the building program intended as a key component of the economic recovery. 

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the associated capital outlays could affect the peso’s performance because they will lead to outflows of foreign currency. 

However, an offsetting positive was the decline in crude oil prices in anticipation of lifting of sanctions against Iranian, thereby reducing the Philippines’ oil import bill, Mr. Ricafort added. 

A trader said the market retains an overhang from an impending move by the Federal Reserve to possibly taper its asset purchases. 

Mr. Ricafort gave a forecast range of P47.88 to P47.98 for Monday, with the range for the week seen at P47.75 to P48.05. – Isabel B. Celis  

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Your email address will not be published.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!



INFLATION climbed to its highest level in nearly four years in June, further eroding the purchasing value of the peso to a record low,...


THE BANGKO Sentral ng Pilipinas (BSP) may increase policy rates by “at least 100 basis points (bps)” this year to curb rising inflation, its...


THE ASEAN+3 Macroeconomic Research Office (AMRO) raised its growth projection for the Philippines this year amid the further reopening of the economy and rising...


PHILIPPINE President Ferdinand R. Marcos, Jr. on Tuesday said his government would strive to limit imports, even as the prices of basic goods continue...


A UNIT of Yuchengco-led PetroEnergy Resources Corp. has secured the approval of the Energy and Environment departments for two utility-scale solar farms with a...


By Olmin Leyba THE thunderous 1-0 stunner over fancied Australia won’t satiate host Philippines’ hunger for further growth and success as it continues its...

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.