The local unit closed at P53.68 a dollar on Friday, strengthening by 16.50 centavos from its P53.845 finish on Thursday, data from the Bankers Association of the Philippines’ website showed. READ:
BW FILE PHOTO
“The peso also strengthened after the announcement of the upcoming retail Treasury bond offering on Feb. 7 that could attract some of the excess liquidity/investments from the financial system,” Mr. Ricafort added.er of 5.5-year retail bonds, with the rate-setting auction scheduled on Feb. 7.The offering also includes a swap option for some bonds maturing this year.The government last offered peso retail bonds in September 2022, raising P162.72 billion.
For this week, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a report that the peso could appreciate further as the dollar’s weakness may continue in the coming days. The FOMC hiked borrowing costs by 25 basis points at its Jan. 31 to Feb. 1 meeting, bringing the fed funds rate to a 4.5% to 4.75% range, the highest since 2007.In remarks after the meeting, Mr. Powell acknowledged that inflation was starting to ease, although he also said it is still unclear how high borrowing costs still need to go to bring the average rate of price increases back within its target.
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