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
economy-ss-8
Inflation Update: Weak demand softens shocks
DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
DOWNLOAD
View all Reports
Metrobank.com.ph How To Sign Up
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph How To Sign Up
Access Exclusive Content Login to Wealth Manager
Search
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
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
BusinessWorld 3 MIN READ

Peso weakens to 19-month low

June 4, 2024By BusinessWorld
Related Articles
Peso rises on mixed US reports February 28, 2023 PSE index drops as investors wait for fresh leads June 9, 2023 PSE sees 19.3% increase in first-quarter net income May 20, 2024

The peso declined to a 19-month low against the dollar on Monday due to expectations that Philippine headline inflation picked up in May.

The local unit closed at PHP 58.68 per dollar on Monday, weakening by 17 centavos from its PHP 58.51 finish on Friday, Bankers Association of the Philippines data showed.

This was the peso’s worst finish in 19 months or since its PHP 58.80-a-dollar close on Nov. 3, 2022.

The local unit is now down by PHP 3.31 from its end-2023 close of PHP 55.37 versus the greenback.

The peso opened Monday’s session stronger at PHP 58.47 against the dollar. It climbed to as high as PHP 58.41, while its worst intraday showing was at PHP 58.70 versus the greenback.

Dollars exchanged went down to USD 1.32 billion on Monday from USD 1.55 billion on Friday.

“The peso weakened amid potentially higher Philippine inflation for May 2024,” a trader said in an e-mail.

Headline inflation may have quickened for a fourth straight month in May due to higher electricity costs, analysts said.

A BusinessWorld poll of 16 analysts yielded a median estimate of 4% for the May consumer price index (CPI), within the central bank’s 3.7-4.5% forecast for the month.

If realized, May inflation would be faster than 3.8% in April but slower than the 6.1% print in the same month a year earlier.

This would mark the sixth straight month that inflation was within the central bank’s 2-4% target range.

The Philippine Statistics Authority will release May CPI data on Wednesday (June 5).

The peso was also dragged down by a generally stronger dollar on Monday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The dollar held steady on Monday, as investors warmed to the idea that US inflation may have slowed enough for the US Federal Reserve to cut rates in 2024, Reuters reported.

The dollar index, which measures the US currency against six others, was up 0.1% at 104.67. The index fell 1.56% in May but is up 3% for the year.

The dollar posted its first monthly decline of the year in May, weighed down by shifting expectations on when the US central bank will cut rates and by how much, with markets pricing in 37 basis points of cuts this year from the Fed.

Data on Friday showed a measure of consumer inflation staged a modest rise in April and price pressures remained above the central bank’s 2% target.

Traders are pricing in about a 60% chance of a September rate cut, versus 49% before the report.

For Tuesday, the trader said the peso could depreciate further due to likely stronger May US manufacturing purchasing managers’ index data set for release overnight.

The trader sees the peso moving between PHP 58.55 and PHP 58.80 on Tuesday, while Mr. Ricafort expects it to range from PHP 58.55 to PHP 58.75 per dollar. — A.M.C. Sy with Reuters

This article originally appeared on bworldonline.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up