BusinessWorld
May 11, 2021 | 9:00 pm
BW FILE PHOTO
THE PESO strengthened versus the greenback on Tuesday despite data showing the economy continued to contract in the first quarter.
The local unit closed at P47.81 per dollar on Tuesday, appreciating by 5.5 centavos from its P47.865 finish on Monday, data from the Bankers Association of the Philippines showed.
The peso opened Tuesday’s trading session at P47.90 per dollar. Its weakest showing was at P47.92, while its intraday best was its close of P47.81 against the greenback.
Dollars exchanged rose to $837 million on Tuesday from $715.25 million on Monday.
The peso appreciated as the market factored in the impact of the gross domestic product (GDP) drop seen in the first quarter on the country’s imports, which could affect the currency, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
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BusinessWorld
May 11, 2021 | 12:32 am
Reporter
INFLOWS of foreign direct investments (FDI) slipped anew in February, as investors turned cautious on emerging markets amid the prolonged coronavirus crisis.
FDI inflows fell by 2.2% to $608 million in February from $621 million a year earlier, based on data released by the Bangko Sentral ng Pilipinas (BSP) on Monday. It was also down 36.7% from the $961 million in January.
February’s FDI inflows were the smallest since the $509 million in December last year.
Investors were wary of channeling funds into emerging markets like the Philippines as business conditions remain weak due to the pandemic, Alvin P. Ang, an economist from the Ateneo de Manila University, said in a Viber message.
Vietnam 02 May 2021
MANILA (Philippine Daily Inquirer/ANN): The Philippines’ trade in goods with the rest of the world rose 5 per cent year-on-year to $43.1 billion in the first quarter of the year amid an overall recovering global economy from last year’s pandemic-induced recession.
The latest preliminary Philippine Statistics Authority (PSA) data showed that merchandise exports from January to March grew by 7.6 per cent year-on-year to $17.6 billion, while imports were up by 3.2 per cent to $25.6 billion, reversing the 5.6-per cent contraction in external trade a year ago.
In March alone, total foreign trade climbed 22.5 per cent year-on-year to $15.8 billion, the highest value of exports and imports combined since the $16.3 billion recorded in October 2019.
BusinessWorld
May 7, 2021 | 7:34 pm
BW FILE PHOTO
The Philippine central bank raised P100 billion from short-term securities it sold at an auction on Friday as rates fell due to easing inflation.
The Bangko Sentral ng Pilipinas (BSP) fully awarded the 28-day bills after getting P116.024 billion in bids. But the demand was 23% smaller than the P151.5 billion at last week´s auction.
The debt paper fetched an average 1.783%, down by 2.2 basis points from 1.805% last week.
Yields sought by banks ranged from 1.77% to 1.8%, lower than 1.79-1.82% last week.
“The results of the BSP bill auction continue to show that market conditions remain normal amid ample liquidity in the financial system,” central bank Deputy Governor Francisco G. Dakila, Jr. said.