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MODEL PORTFOLIO THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
investment-ss-3
Reports
Policy rate views: Fed expected to do baby steps
September 18, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Inflation Update: Faster but full-year average within target
September 5, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Reports
Monthly Economic Update: Waiting on Jay Powell
September 2, 2025 DOWNLOAD
View all Reports
BusinessWorld 2 MIN READ

Peso inches up on Fitch move

May 23, 2023By BusinessWorld
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THE PESO strengthened against the dollar on Tuesday after Fitch Ratings affirmed its “BBB” rating for the Philippines and revised its outlook to stable from negative.

The local currency closed at P55.725 versus the dollar on Tuesday, appreciating by 9.5 centavos from Monday’s P55.82 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Tuesday’s session at P55.70 per dollar. Its worst showing for the day was at P55.75, while its intraday best was at P55.57 versus the greenback.

Dollars traded rose to $1.19 billion on Tuesday from the $981.5 million recorded on Monday.

The peso went up after Fitch raised its outlook for the Philippines, a trader said in an e-mail.

“The continued and consistent affirmation of the country’s credit ratings for the third straight year despite the pandemic by the other major global credit rating agencies… are signs of resilience and improved international investor confidence in the Philippines,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Fitch on Monday affirmed the country’s rating and raised its outlook amid its confidence in the economy’s continued recovery from the coronavirus pandemic.

The debt watcher had downgraded the Philippines’ rating outlook to negative in July 2021 due to the pandemic’s impact on the economy.

Mr. Ricafort added that easing global crude oil prices also supported the peso.

For Wednesday, the trader said the peso could weaken anew on potentially hawkish remarks from Dallas Federal Reserve President Lorie K. Logan.

The trader expects the peso to move from P55.60 to P55.85 versus the dollar, while Mr. Ricafort sees it trading between P55.60 and P55.80. — AMCS

This article originally appeared on bworldonline.com

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