Peso slumps to intraday low of P63.23 vs US dollar, rallies to P62.985
｜英字
The peso slumped to P63.23 against the US dollar in early trading but rallied to avoid ending at a second straight record low for the Philippine currency on Friday.
The peso closed at P62.985 from Thursday's P63.06.
Bryan Ang, vice president of the Philippine Chamber of Commerce and Industry, told Bilyonaryo News Channel that ''businesses are a bit nervous and hesitant for expansion even at this time when we are entering the holiday season.''
Ang said businesses ''are facing a lot of headwinds.'' He added that businesses are implementing higher wage increase and in January would have to add P25 more. PHS
