The peso breached the P47-per-dollar level on Thursday after hovering within the 48 level for more than two months.
The local currency strengthened to a 75-day high against the greenback to close at 47.98 on Thursday from 48.025 Wednesday. It was its strongest level since closing at 47.93 on Feb. 15, 2021. Total volume reached $978 million.
Fitch Solutions, a unit of Fitch Group, earlier said in a report that the country’s robust fundamentals would provide support to peso. “Firstly, we expect the current account to remain in surplus through 2021 and this to bolster the country’s foreign currency reserves and its ability to cover its external debt obligations,” it said.
“Indeed, Philippines’ gross international reserves are larger than its gross external debts, highlighting the country’s net external creditor position,” it said.