Trump’s tax plan weakens peso

The Philippine peso dipped against the US dollar at the end of the trading week after the Trump administration unveiled its tax plan.

“The local currency weakened . . . for the second straight week as the greenback rallied anew after the White House unveiled Trump administration’s bid for the ‘Biggest Tax Cut’ in US history, but left unanswered questions about whether the plan would be paid for, or how,” Jonathan Ravelas, chief market strategist at Banco de Oro Unibank Inc., said.