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요약:The Philippine peso edged higher against the dollar following the release of the Q1 GDP growth report.
On Thursday, the Philippine peso strengthened slightly versus the US dollar after the announcement of the country's first-quarter economic growth numbers. According to Bankers Association of the Philippines data, after the day, the local currency was worth PHP 57.38 per dollar. This is a slight gain over Wednesday's closing price of PHP 57.385.
Throughout the trading day, the peso lost value relative to the dollar, starting the day at PHP 57.44 per dollar. It closed at PHP 57.45 and reached its peak at PHP 57.33. To USD 1.098 billion, trade volume was slightly lower than USD 1.16 billion on Wednesday.
This peso appreciation is consistent with recent GDP numbers, which indicate that the Philippine economy grew by 5.7% in the first quarter of this year. While this rate represents a step up from the 5.5% growth recorded in the previous quarter, it is still below the 6.4% growth recorded at the same time last year.
The figures fell short of the anticipated outcomes formulated by economists, notwithstanding the favorable expansion. According to a survey by BusinessWorld, the expected median growth rate was 5.9%. According to Michael L. Ricafort, Chief Economist at Rizal Commercial Banking Corp., this below-anticipated growth rate may lead to a subsequent decrease in interest rates later this year.
The Bangko Sentral ng Pilipinas (BSP) is currently maintaining the policy rate at 6.5%, the highest level in almost seventeen years. After a substantial 450-basis-point increase from May 2022 to October 2023, this rate has remained unchanged for four consecutive meetings. Regarding persistent inflation concerns, the BSP is anticipated to maintain interest rates unchanged at its next policy meeting on May 16.
Market experts anticipate potential future volatility in the value of the peso. In anticipation of possibly weak US consumer confidence data on Friday, one dealer projected the local currency would strengthen to a range of PHP 57.25 to PHP 57.50 per dollar. The peso was expected to fluctuate similarly, between PHP 57.25 and PHP 57.45, according to Ricointeet.
Investors and market observers are still keeping an eye on developments that might affect the central bank's monetary policy decisions in the next months as they try to reconcile economic stimulus with inflation control.
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