US dollar trades for P53


THE U.S. dollar continues to strengthen against the peso and is now worth more than P53.

The dollar traded for P53.079 on Wednesday based on Bloomberg data.

The last time the peso-dollar exchange rate was $1:P53 was in July 2006.

In Monday’s trading, the peso closed at 52.95 to the dollar. Last Friday, the dollar traded for P52.7.

The weaker peso affects local importers as foreign goods and raw materials would cost higher.

Dollar-denominated loans would also mean higher payments for borrowers.

However, such exchange rate is favorable for overseas Filipino workers, whose dollar remittance to families in the Philippines would mean higher purchasing power.

Likewise, exporters are expected to benefit as their cheaper goods would mean more buys.

rw: wjg