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The Philippine peso depreciated even further against the US dollar on Monday to carve a 19-month low following the release of local data which pointed to slower manufacturing growth in May and the continued hot money outflows in April.The local unit shed 17 centavos to close at P58.68:$1 from last Friday’s finish of P58.51:$1. This is also the weakest showing of the peso since November 3, 2022, when it finished at P58.80:$1.Rizal Commercial Banking Corp.
5% in May, faster than the government’s target range of 2.0% to 4.0%.“Going forward, the performance of the US dollar/peso exchange rate would partly be a function of intervention/defense as consistently seen over the past 1.5 years,” Ricafort said in a mobile message.BSP Senior Assistant Governor Iluminada Sicat last week said the recent weakness of the peso is only temporary, as the greenback is buoyed by developments overseas.In terms of equities, the local stock barometer PSEi gained 37.
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