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Saturday, June 3, 2017
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MANILA – The Philippine peso strengthened further on Thursday as foreign funds continued to flow into the stock market and the House of Representatives approved the Duterte administration’s tax reform program.
The local currency gained 1.5 centavos to close at P49.750:$1 from 49.765 on Wednesday.
“The US dollar headed lower as foreign flows into the local equity market helped the local unit strengthen against the greenback,” Bank of the Philippine Islands lead economist Emilio Neri Jr. said.
Foreign funds bought P5.724 billion of shares during the session and sold P5.534 billion for a net buying position of P190.416 million, data from the Philippine Stock Exchange showed.
“Apparently, the stock market rallied after the passage of the tax reform bill,” Neri said.
The House of Representatives approved House Bill 5636 or the Tax Reform for Acceleration and Inclusion (TRAIN) that embodies the tax reforms proposed by the Duterte administration.
“However, volume remained light for the session with dealers awaiting important data reports later in the week from the United States,” Neri said. (GMA News)
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