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Oil price rally buoys Philippine peso


The Philippine peso strengthened against the US dollar on Monday, opening the week on a strong note on the back of the surge of global oil prices.

The local currency lost 9.5 centavos to close at P46.460 from last Friday’s 46.555.

“Today’s currency movement was mainly driven by investors’ higher risk appetite, as supported by the surge in oil prices to its highest level since October 2015,” Cherica Y. Vicente, research analyst at MetisEtrade, said in an emailed commentary.

According to a report by Agence France-Presse, oil prices in Asia rose to year-highs on Monday after the slowdown in US drilling and the increase in Chinese crude refinery processing which buoyed hopes that the global supply glut would be eased soon.

Philippine oil players on Monday also announced an oil price hike, increasing diesel prices by P0.30 per liter.

Vicente also attributed the rally on the renewed confidence in the Philippine economy, with the first quarter gross domestic product (GDP) scheduled to be released on Thursday, May 19. —NB, GMA News

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