Peso weakens to P50:$1 before closing at P49.995

May 24, 2017

The peso opened at P50 to one US dollar but gained slightly to close at P49.995 on Wednesday following the declaration of martial law in Mindanao by President Rodrigo Duterte. But stocks rose slightly, with the Philippine Stock Exchange gaining 25.68 points to 7,837.82. Volume reached 1.05 billion worth P5.9 billion. Foreigners were net buyers with purchases of P2.87 billion compared to selling of P2.42 billion. Meanwhile, Banco de Oro disclosed to the Philippine Stock Exchange that it has forged an alliance with Seven Bank of Japan for an international money transfer service to the Philippines from Japan. DMS