{"id":90063,"date":"2017-02-17T20:58:32","date_gmt":"2017-02-18T01:58:32","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=90063"},"modified":"2017-02-17T20:59:09","modified_gmt":"2017-02-18T01:59:09","slug":"php-slides-to-more-than-10-year-low-at-50-vs-usd-psei-finishes-on-the-red","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/02\/17\/php-slides-to-more-than-10-year-low-at-50-vs-usd-psei-finishes-on-the-red\/","title":{"rendered":"PHP slides to more than 10-year low at 50 vs. USD; PSEi finishes on the red"},"content":{"rendered":"
\"Lower-than-expected<\/a>
Lower-than-expected initial jobless claims in the US along with sustained rise of US Treasury rates weakened both the Philippine peso, which closed to its weakest since November 2006, and the local equities market Friday. (Photo: Cheng Ilagan\/Philippine Canadian Inquirer)<\/figcaption><\/figure>\n

MANILA\u2014Lower-than-expected initial jobless claims in the US along with sustained rise of US Treasury rates weakened both the Philippine peso, which closed to its weakest since November 2006, and the local equities market Friday.<\/p>\n

The local currency closed the week at Php 50.00, the weakest after the Php 50.12 on Nov. 16, 2006, from the previous session\u2019s Php 49.97.<\/p>\n

A trader said mid-month corporate demand for the US dollar was also another factor to the peso\u2019s weakness.<\/p>\n

Also, BPI lead economist Emilio S. Neri Jr. said \u201cimporters appear to have a more significant-than-usual demand while the regular sellers were not as active in today\u2019s trading session.\u201d<\/p>\n

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said external uncertainties continued to impact on the peso.<\/p>\n

\u201dAnd despite market uncertainty about a March US Fed interest rate hike, there was higher demand from corporates today,\u201d he said.<\/p>\n

The BSP official said monetary officials \u201ccontinue to see negative market sentiment dominating the strong Philippine market fundamentals.\u201d<\/p>\n

He, however, stressed that \u201cwe should see market reacting to news that OFW (Overseas Filipino Workers) remittances remain resilient and growth prospects remain very positive at the back of strong consumption, investment and public expenditures.\u201d<\/p>\n

\u201dIn real terms, peso remains competitive and we continue to monitor pressure from weak exchange rate even as the exchange rate pass though to domestic inflation has gone down in recent years,\u201d he said.<\/p>\n

\u201dThere is no substitute to constant monitoring and surveillance for any possible risks in the horizon,\u201d he added.<\/p>\n

The peso opened at PHP49.94, a dip from the PHP49.89 in the previous session.<\/p>\n

It traded between its closing and opening levels resulting to an average of PHP49.98.<\/p>\n

Volume of trade reached USD532 million, higher than the USD376.5 million a day ago.<\/p>\n

The Philippine Stock Exchange index (PSEi) lost 0.53 percent, or 38.46 points, and finished the week at 7,244.79 points.<\/p>\n

All Shares followed with a 0.31 percent or 13.78 points decline to 4,388.01 points.<\/p>\n

Only the Financials, among the sectors, ended the week with gains after rising 0.02 percent.<\/p>\n

Services contracted by 1.32 percent, Holding Firms, 0.63 percent; Property, 0.27 percent; Mining and Oil, 0.19 percent; and Industrial, 0.04 percent.<\/p>\n

 <\/p>\n

Trade volume reached 3.1 billion shares amounting to Php 6.99 billion.<\/p>\n

 <\/p>\n

Losers led gainers at 99 to 93 while 48 shares were unchanged.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u2014Lower-than-expected initial jobless claims in the US along with sustained rise of US Treasury rates weakened both the Philippine peso, …<\/p>\n","protected":false},"author":33,"featured_media":87851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1482,19,1145],"tags":[15398,15399],"class_list":["post-90063","post","type-post","status-publish","format-standard","has-post-thumbnail","category-breaking","category-business","category-headline","tag-philippine-peso","tag-usd","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/90063","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=90063"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/90063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/87851"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=90063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=90063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=90063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}