Philippine peso extends gains, closes at ₱63.74 per US dollar
The currency rose 11 centavos as an economist cited President Ferdinand Marcos Jr.’s assurances and possible holiday-related remittance conversions.
The Philippine peso strengthened by 11 centavos on October 30, closing at ₱63.74 per US$1 and extending its run of gains. Rizal Commercial Banking Corp. chief economist Michael Ricafort linked the advance to President Ferdinand Marcos Jr.’s assurances about defending the currency.
The closing rate compared with ₱63.85 per US$1 on Thursday. Trading opened at ₱63.67 per US$1, with the peso reaching a high of ₱63.61 and a low of ₱63.77 against the dollar.
Marcos had addressed concerns on Wednesday after the currency fell to a record low against the dollar. He urged the public not to panic and said his administration had the tools and means to defend the peso.
Ricafort also pointed to preparations for the Undas long weekend as a source of support. He said overseas Filipino workers’ remittances could be converted into pesos to pay for trips to hometowns and other destinations within the country, as well as other holiday expenses.
