The Philippine peso appreciated against the US dollar for the second consecutive trading day on Monday, in part on optimism over the COVID-19 vaccination program.
The local currency gained 9 cents to close on Monday at P47.66 from last Friday’s close of P47.75: $ 1.
The latest index is among the strongest in more than four and a half years since the peso closed at P47.475: $ 1 on September 14, 2016.
The government on Monday launched the COVID-19 vaccination of A4s or economic frontliners, an estimated workforce of 35 million people.
“The peso’s exchange rate has appreciated again against the US dollar (…) Corp. (RCBC),” said in a mobile message.
Ricafort said the strength of the peso was also due to the rise in the banks’ net open foreign exchange position and recent developments in the Strategic Transfer of Financial Institutions (FIST) law.
“The peso also strengthened after the Senate signaled the prioritization of reform measures such as the Foreign Investment Law and the Public Services Law at the resumption of sessions,” he said.—LDF, GMA News