The outlook for the peso remains bright although it has depreciated 2.3 percent against the US dollar since the start of the year, an economist said over the weekend.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said in a report the peso weakened against the US dollar by P1.151 or 2.3 percent from 50.999 at the end of 2021.
The peso on Friday closed at 52.15, stronger than 52.33 ijn the previous day, the strongest for the local unit in more than a week or since March 17, 2022 when it closed at 52.14.
Ricafort said the peso appreciated “after the latest downward correction in global oil prices after no consensus among European Union countries to cut oil imports from Russia and a day after the widely expected decision by the Bangko Sentral ng Pilipinas to keep the key local policy rate unchanged at the record low of 2 percent.”