THE Philippine peso rose for a second consecutive trading day against the US dollar on Wednesday, supported by a pullback in global crude oil prices following reports of higher energy inventories in the United States.
The local currency gained 9.8 centavos, closing at ₱62.739:$1 from Tuesday’s finish of ₱62.835. Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that the exchange rate corrected lower alongside a more than 1% decline in Brent crude futures to around $107 per barrel and a similar drop in West Texas Intermediate to roughly $104 a barrel. Lower energy costs ease pressure on the country’s import bill and reduce demand for dollars.
Market anticipation surrounding the upcoming initial public offering of Mynt Inc. — parent company of GCash operator G‑Xchange Inc. — also provided a lift to the peso. Scheduled to list on the Philippine Stock Exchange on October 20, 2026, the offering is projected to be the country’s largest IPO at approximately $1.5 billion, with foreign investors expected to convert dollars into pesos to participate, boosting local currency liquidity.
In contrast, the stock market retreated, with the main PSEi index falling 90.84 points or 1.51% to close at 5,916.94, while the broader All Shares index declined 42.46 points or 1.26% to 3,300.26.
Regina Capital Development Corp. head of sales Luis Limlingan attributed the downturn to concerns over slower third‑quarter economic growth and lingering geopolitical tensions between the United States and Iran, which kept investors cautious and prompted broad selling.
Decliners outpaced advancers 139 to 54, with 58 issues unchanged as over 612 million shares valued at ₱5.892 billion changed hands. While the currency has found near‑term support from easing oil prices and the expected IPO inflows, market observers note that geopolitical developments and domestic growth data will remain key drivers of sentiment in the weeks ahead.
metrosundaily
