exchange rates

Philippine peso now P47 to $1, strongest in over 4 years

Ralf Rivas
The Philippine peso extends its gains against the dollar on Monday, February 15, reaching its strongest level since September 2016

The Philippine peso appreciated to a 4-year high against the dollar on Monday, February 15.

The peso closed at P47.93 against the dollar, the strongest in over 4 years or since September 22, 2016, when it closed at P47.83.

Rizal Commercial Banking Corporation chief economist Michael Ricafort said the peso gained strength due to the further reopening of the Philippine economy, as well as the ongoing retail treasury bonds offering that “could entail foreign investors or buyers with US dollars to convert to pesos.”

“Peso was also stronger with the modest decline in [overseas Filipino workers’] remittances compared to the bigger decline in GDP (gross domestic product) for 2020,” Ricafort said.

The US dollar started the trading week on a bearish note, as traders moved away from the safe haven amid global vaccination efforts. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.