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The Philippine depreciated further against the greenback on Thursday to hit its worst showing in over 18 months, as US Treasury yields rose to the highest levels in a month.The local unit closed at P58.635:$1, weakening by 21.5 centavos from its P58.42:$1 finish on Wednesday. This is the weakest performance of the peso since November 3, 2022’s close of P58.8:$1.This comes as the US 10-year Treasury yield hit a four-week high, while the two-year note yield also increased.
“I think this is only temporary and eventually, once things clear up, it will be the fundamental that will determine the level of exchange rate,” BSP senior assistant governor Iluminada Sicat said on Monday.Roces was mirrored by Rizal Commercial Banking Corp. chief economist Michael Ricafort, who said that along with the higher US Treasury yields, the peso was also affected by the decline in the local equities market.