Rise of peso versus dollar, an expression
of market’s vote of confidence: spokesperson
The camp of presumptive president Rodrigo R. Duterte said the increase of the Philippine peso against the dollar in recent weeks is an encouraging development.
“We view this as a positive response and expression of vote of confidence by the market on the clear outcome of the elections with Duterte leading the presidential race,” said Peter Lavina, spokesperson and media group head.
On Tuesday, the Philippine peso has been reported to have increased the most against the dollar in six weeks as Duterte eased investor concerns after claiming victory in recent presidential elections on May 9.
The currency also strengthened against all its 10 Asian peers as partial and unofficial election results showed that the tough-talking Davao City mayor won about 39 percent of the total votes cast.
The Philippine peso rose 0.7 percent to 46.77 per dollar as of 3:25 p.m. Tuesday in Manila, after initially dropping as much as 0.3 percent from closing on Friday, Bankers Association of the Philippines record show.
Lavina said Duterte’s offer of reconciliation and call to start the process of healing gave stock market traders the assurance that there will be no shake-up in the financial market.
“The positive outcome of the election results to Duterte’s favor has regained investors’ confidence,” Lavina added.
Lavina is positive that the upward trend in the stock market index will continue under a Duterte administration.
“Rest assured the stock and financial market will be protected under his presidency and he will provide business the right and proper atmosphere to prosper without sacrificing the general welfare of the people,” he said.