THE Philippine peso continued its appreciation streak May 2, touching the P55-to-a-dollar level for the second straight day and closing at its strongest level in over a year.
Data from the Bankers Association of the Philippines (BAP) showed the local currency ended the week at P55.57:$1, gaining 27 centavos from its previous close of P55.84:$1 on April 30, 2025.
This is the peso’s strongest since it finished at P55.53:$ on March 15, 2024.
Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the local unit’s strength to the “seasonal increase in OFW remittances and [its] conversion to pesos to finance the summer holiday/vacation season until May 2025 and also tuition payments before the start of the new school year in the coming weeks.”
“Other positive factors for the peso exchange rate: Philippine trade and business officials to meet with US commerce and trade officials from April 28-May 2, 2025 in the US to negotiate on trade, reciprocal tariffs, among others; continued growth in government revenues; signals of no new taxes,” Ricafort said. (GMA Integrated News)
