BusinessWorld
May 21, 2021 | 6:20 pm
THE PESO weakened Friday after a pickup in infrastructure spending was taken by traders to mean an increase in dollar outflows stemming from expanded imports of raw materials and capital equipment.
The peso closed at P47.945 against the dollar Friday, against the Thursday finish of P47.94, according to the Bankers Association of the Philippines.
Week-on-week, the peso retreated from its P47.81 close on May 14.
The peso opened Friday at P47.85. The low was P47.93, while the high was P47.84.
Dollar volume was $941.25 million on Friday, against $979.8 million a day earlier.
The government increased infrastructure spending in the second half of 2021, with the building program intended as a key component of the economic recovery.
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