Peso hits P51:$1 on ‘self-correcting market’

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Market correction weighed on the Philippine peso, driving the local currency to hit P51:$1 on Friday morning trade.

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The local currency opened at P50.90 to $1–11 centavos weaker from P50.79:$1 closing on Thursday–before trading between P50.90 and P51.08 against US currency.

“We’re constantly monitoring peso developments for excessive short -term volatility not consistent with underlying economic fundamentals and take appropriate action when necessary. We recognize that the market is also often self-correcting,” Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr. said in a message via Viber. MAYVELIN U. CARABALLO

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