The peso on Thursday weakened to an 11-month low against the US dollar on seasonal increase in imports and stronger manufacturing data.
The peso lost P0.31 to close at 49.11, down from 48.8 per greenback on Wednesday. It was the local currency’s weakest level since settling at 49.15 a dollar on July 30, 2020.
Michael Ricafort, chief economist of Rizal Commercial Banking Corp., said the peso’s weakness could be attributed to the stronger Philippine manufacturing data and better employment figures in May.
Ricafort said these data “could suggest further re-opening of the economy with NCR at GCQ since May 15, 2021, leading to pick-up in the economy as well as importation.”
“The peso is also weaker amid the expected seasonal increase in imports in the third quarter 2021,” Ricafort said.