Peso continues to slide, closes at 57.18 a dollar

The Philippine peso fell against Wednesday, closing at 57.18 against the US dollar, its lowest level in 17 months, from 57.0 on Tuesday, as investors sought the safety of the greenback amid the tension in the Middle East.

He said the peso was also adjusting to US Federal Reserve Chair Jerome Powell’s speech that “maybe they won’t ease until September.”Remolona said, however, the depreciation of the peso won’t affect their plans to ease monetary policy by the fourth quarter of 2024 or first quarter of 2025.“I would say the central scenario would ease in the fourth quarter. If things are worse, then we might be postponed to the first quarter of 2025,” Remolona said in a news briefing.

It also maintained the interest rates on overnight deposit and lending facilities at 6.0 percent and 7.0 percent, respectively.

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