Peso Weakens to P61.686 Amid Rising Oil Prices, Geopolitical Tensions; Stocks Rise on Earnings Outlook

The Philippine peso opened the week on a negative note, depreciating against the dollar after global oil prices climbed to fresh one-month highs amid the reescalation of attacks between the US and Iran. The local currency shed 9.9 centavos to close Monday at P61.686:$1 from last Friday’s finish of P61.587:$1. Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributed Monday’s depreciation to the impact of global prices on the US dollar. “The gauge of the US dollar vs. major global currencies lingered among one-month lows or since June 19, 2026 after Brent crude oil increased to new one-month highs or since June 12, 2026 at $88 per barrel levels,” he said in a mobile message. This comes as American forces hit Iran for the ninth consecutive day on Monday, with growing concerns over shipping through the Strait of Hormuz, following remarks of Iran that two oil tankers had exploded and were immobilized. This has also impacted domestic prices, with retailers set to implement big-time pump price hikes on Tuesday, July 21. Stock market Local equities, meanwhile, grew as market players anticipate an improvement in second-quarter earnings results. The Philippine Stock Exchange index (PSEi) gained 11.61 points or 0.18% to close at 6,415.72. The broader All Shares grew by 6.62 points or 0.19% to 3,450.69. “The local bourse ended higher, sustaining its position above the 6,400 level as optimism ahead of the 2Q corporate earnings season supported investor sentiment,” Regina Capital Development Corp. head of sales Luis Limlingan said in a separate mobile message. “Gains came despite headwinds from rising oil prices and lingering geopolitical tensions, which prompted some profit-taking and tempered the market’s advance,” he added. Services grew by 2.23%, while mining and oil rose by 3.86%, while most sectoral indices closed negatively—financials at -0.39%, industrial -0.57%, holdings firms -0.82%, and property -1.46%. More than 537.017 million shares, valued at P6.687 billion, changed hands. Advancers led decliners, 98 to 92, while 77 issues were unchanged. — BM, GMA News