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The Philippine peso regained ground against the US dollar on Friday, but still trailed within a 19-month low following news of a rice import tariff rate cut which could support a case for a possible monetary easing.The local unit gained 9.1 centavos to close at P58.52:$1 from $58.611:$1 on Thursday.In a foreign exchange commentary, Rizal Commercial Banking Corp. Chief Economist Michael Ricafort said the peso corrected slightly by 0.
Ricafort said the reduced rice import tariffs to 15% from 35% could reduce rice prices and “could help reduce overall inflation and help support possible local policy rate cuts in the coming months.”“Going forward, the performance of the US dollar/peso exchange rate would partly be a function of intervention/defense as consistently seen over the past 1.5 years,” Ricafort said.Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.
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