CORPORATE demand for dollars weighed on the Philippine peso on Friday, driving the local currency to close at P50:$1, its weakest in over 10 years.

The local currency softened by 3 centavos from P49.97:$1 on Thursday. It opened at P49.94 to $1, before trading between P49.90 and P50.00 against US currency and lodged its weakest closing since it couched P50.12:$1 on November 16, 2006.

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