The local unit closed at P54.63 per dollar on Thursday, inching down by a centavo from Wednesday’s P54.62 finish, data from the Bankers Association of the Philippines’ website showed. READ:
THE PESO slipped against the dollar on Thursday as weaker economic data from the United States fueled recession fears.
“The peso weakened slightly amid lingering market concerns of a near-term US recession this year,” a trader likewise said in an e-mail. The second straight monthly decrease in retail sales, which are mostly goods, is undercutting production at factories. Manufacturing output recorded its biggest drop in nearly two years in December, while monthly producer prices also tumbled, other data showed on Wednesday.
A separate report showed manufacturing output dropped 1.3% in December, the largest decline since February 2021, and production in the prior month was much weaker than initially thought.
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