MANILA, Philippines—The peso fell back to the 41-to-a-dollar territory on Tuesday to hit its lowest level for the year as the crisis in Cyprus spooked markets anew.
The local currency closed at 41.07 against the US dollar, down by 24 centavos from the previous day’s finish of 40.83:$1.
Intraday high hit 40.84:$1, while intraday low settled at 41.08:$1.
Volume of trade reached $935.76 million from $664.944 million previously.
The depreciation of the peso came amid market concerns that the bitter pill that Cyprus has to swallow to resolve its crisis could cause too much adverse effects on the country’s financial sector, and eventually to the entire euro zone and the global economy.
Cyprus and international creditors have agreed that a bailout package will be made available for the former. However, Cyprus must implement reforms and its own-revenue raising measures for the assistance to be extended. One of these measures is making depositors share the burden of resolving the crisis. In particular, a significant portion of money placed as bank deposits should be surrendered as contribution of the public.
Traders said the impact on depositors and the financial markets of thia revenue-raising measure has created concerns that the same may be implemented in other euro-zone economies facing debt problems.
The market players said uncertainties in the global economy resulting from the events in Cyprus made many investors turn away from emerging-market assets, such as peso-denominated ones, and to the US dollar that has always been considered the safest and liquid currency.
June 2025
Philippine Environment Month!
“Action for Nature, for the Future!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
Monthly Observances:
1 Jun – World Day of Parents
5 Jun – World Environment Day
7 Jun – World Food Safety Day
8 Jun – World Oceans Day
12 Jun – World Day Against Child Labour
15 Jun – World Elder Abuse Awareness Day
16 Jun – International Day of Family Remittances
17 Jun – World Day to Combat Desertification and Drought
20 Jun – World Refugee Day
25 Jun – Day of the Seafarer
27 Jun – Micro-, Small and Medium-sized Enterprises Day
Daily Observances:
June 6: Migrant Workers Day
June 19: Filipino Youth Day
June 25: Day of the Filipino Seafarer
