Peso strengthens vs. dollar for 2nd straight session

The Philippine peso appreciated against the US dollar for the second consecutive trading session on Wednesday, as overseas officials addressed inflationary concerns.

The local currency gained 8 centavos to close at P48.48:$1 from Tuesday's finish of P48.565:$1.

US Federal Reserve governor Lael Brainard this week said the central bank remains far from its goals in terms of both employment and inflation, and it will take some time to achieve substantial further progress.

"The local currency appreciated as various Federal Reserve officials this week have downplayed inflationary concerns and ruled out any near-term policy tapering, both of which reduced the greenback's appeal," Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said in an email exchange.

Locally, inflation has continued to accelerate as it clocked in at 2.9% in January, but on the Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno has insisted the uptick is only transitory.

The Philippine Statistics Authority (PSA) is scheduled to release February inflation figures on Friday, March 5. — BM, GMA News