{"id":245979,"date":"2020-02-23T23:54:49","date_gmt":"2020-02-24T04:54:49","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=245979"},"modified":"2020-02-23T23:54:49","modified_gmt":"2020-02-24T04:54:49","slug":"philippine-peso-may-build-up-to-49-1","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/02\/23\/philippine-peso-may-build-up-to-49-1\/","title":{"rendered":"Philippine peso may build up to 49: $1"},"content":{"rendered":"
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The peso may manage to reach 49 if Brent Crude Oil Spot prices fall below (Pexels Photo)<\/figcaption><\/figure>\n

The Metropolitan Bank & Trust Co. said on Monday that the Philippine Peso (PHP) may rise further to P<\/span>49: $<\/span>1 if the price of crude oil lowers in the world market amid the\u00a0novel coronavirus disease\u00a0(COVID-19) outbreak that started in December 2019.<\/span>\u00a0<\/span><\/p>\n

According to Metrobank research analyst Pauline\u00a0<\/span>Revillas<\/span>, the peso may manage to reach 49 if Brent Crude Oil Spot prices fall below the $50 per barrel level.<\/span>\u00a0<\/span><\/p>\n

\u201cA decline in the price of global crude oil could translate to lower demand for US dollars and thus an appreciation bias for the peso, and vice versa,\u201d\u00a0<\/span>Revillas<\/span>\u00a0said in an interview with Philippine Star.<\/span>\u00a0<\/span><\/p>\n

Revillas noted that changes in the global oil prices can affect the inflation or deflation of the PHP.<\/span>\u00a0<\/span><\/p>\n

\u201cBrent crude spot price and the dollar-peso rate have an inverse relationship albeit not a strong one,\u201d\u00a0<\/span>Revillas<\/span>\u00a0said.<\/span>\u00a0<\/span><\/p>\n

From the end of 2019,\u00a0<\/span>Revillas<\/span>\u00a0said that the Bloomberg commodities data shows that\u00a0Brent crude contract price fell to $54.8 per barrel, while the West Texas Intermediate (WTI) dropped to $50.5 per barrel from $67.31 and $59.88, respectively.<\/span>\u00a0<\/span><\/p>\n

Despite the potential impact that the COVID-19 outbreak can cause,\u00a0<\/span>Revillas<\/span>\u00a0said that\u00a0crude oil prices\u00a0<\/span>are<\/span>\u00a0in its lowest level in more than a year.<\/span>\u00a0<\/span><\/p>\n

\u201cThe oil market continues to be whipped by updates on the fast-spreading virus, with some analysts saying that the current demand shock has not been seen since the 2008 financial crisis,\u201d she said in the same interview.<\/span><\/p>\n

China is the world\u2019s largest oil importer and the second largest oil consumer, thus a potential slowdown in demand would have a significant impact on prices.<\/span>\u00a0<\/span><\/p>\n

As the world\u2019s largest oil importer and the second largest oil consumer, the impact on oil price in China can have significant effects as the prices could potentially decline amid worries on the spread of the coronavirus.<\/span>\u00a0<\/span><\/p>\n

However,\u00a0<\/span>Revillas<\/span>\u00a0said that \u201cit remains to be seen how the Organization of the Petroleum Exporting Countries (OPEC) would react\u201d to the current COVID-19 situation.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Metropolitan Bank & Trust Co. said on Monday that the Philippine Peso (PHP) may rise further to P49: $1 …<\/p>\n","protected":false},"author":33,"featured_media":215161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-245979","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-kathleen-mae-guerrero","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/245979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=245979"}],"version-history":[{"count":3,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/245979\/revisions"}],"predecessor-version":[{"id":245985,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/245979\/revisions\/245985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/215161"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=245979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=245979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=245979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}