June 13, 2018
The peso fell to a 12-year low while stocks ended lower on Wednesday, a day after trading resumed due to the Independence Day holiday.
The peso hit the day's low at P53.26 against the US dollar, marking its lowest since June 2006. The Philippine currency closed at P53.23 from Monday's P52.95. Volume at the Bankers Association of the Philippines climbed to $773.17 million from $653.1 million on Monday.
Socioeconomic Planning Secretary Ernesto Pernia, in a text message to the Daily Manila Shimbun, said "there was no reason to be concerned."
He said the weak peso is "good for exports, OFW remittances, BPO (business process outsourcing) revenues and curtails demand for imported consumer goods that cools off inflation."
The Philippine Stock Exchange index slid sharply towards the close of trading to end at 168.32 points to 7,602.98. In the broader market, there were 127 decliners, 66 gainers and 47 shares unchanged.
Volume reached 814.89 million valued at P7.165 billion from Monday's P849.38 million worth P4.01 billion. Foreigners were net sellers with P4.879 billion compared to purchases of P3.36 billion.
Most active shares were led by SM Investment Corp., down 3,02 percent to P900; Metrobank, down 2.71 percent to P77.05 and Ayala Corp., down 4.19 percent to P937. DMS
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