Peso snaps two-day win-streak, falls to P62.735:$1

The Philippine peso snapped its two-day winning streak against the US dollar on Thursday, as slower economic growth projections put pressure on the local unit. The local currency shed 15 centavos to close at P62.735:$1 from P62.585:$1 on Wednesday. The peso’s weakness came after lower Philippine gross domestic growth estimates and mostly higher Philippine inflation estimates, according to Rizal Commercial Banking Corp. chief economist Michael Ricafort. The Asian Development Bank, in particular, is forecasting the Philippine economy to grow by 3.3% this year before rising by 5.1% in 2027, slower than its earlier projections of 3.8% for this year and 5.3% next year. The lender is also expecting inflation to be faster at 5.9% this year, from its earlier forecast of 3.9%. ADB cited heightened uncertainties in the global environment from a prolonged Middle East conflict and climate-related shocks, including a severe El Niño dry weather episode starting in late 2026, as major downside risks to the growth outlook of the Philippine economy. The peso opened weaker at P62.7:$1 from Wednesday’s opening of P62.49:$1. It hit an intraday low of P62.795:$1 before closing at P62.735-to-one dollar level. —AOL, GMA News