MANILA – The Philippine peso failed to sustain its strength against the US dollar on Wednesday, dragged by overseas concerns.
The local currency lost 10 centavos to close Wednesday at P52.13:$1, softer than P52.03:$1 Tuesday.
“It’s actually a mixed bag for currencies around the region, with no particular driver except for the result of the recent plan on Brexit by British PM Theresa May that eventually ended as the worst parliamentary defeat in UK history,” Ruben Carlo Asuncion, chief economist at the Union Bank of the Philippines, said.
According to a report by Reuters, a humiliating outcome could pressure UK Prime Minister Theresa May to delay Britain’s scheduled March 29 EU departure, and potentially open up other options ranging from a second referendum, a dangerous no-deal path, or even a general election.
“China’s story to support its economic growth may have also contributed to the mixed results,” noted Union Bank’s Asuncion. (GMA News)
