The Philippine peso sustained its strength on Wednesday on the back of the return of a general community quarantine (GCQ) in Metro Manila and four neighboring provinces, and on still-subdued economic activities, according to analysts. Opening at P48.61:$1, the local currency gained 5 centavos to close at P48.57:$1, its strongest since its P48.48:$1 close on Nov. 4, 2016. The current account consists of transactions in goods, services, primary income and secondary income. It measures the net transfer of real resources between the domestic economy and the rest of the world. Last year, the peso ended at P50.63 against the dollar, a 3.70-percent appreciation from P52.58:$1 on Dec. 28, 2018, and fell below the government’s P51-to-52:$1 exchange rate assumption for the year.

Source: Manila Times August 19, 2020 16:30 UTC